Contents

DECEMBER 2004

FINANCIAL OPERATIONS 

PROFILE OF THE ECONOMY

Analysis.—Summary of Economic Indicators ..................................................................................................................................... 3

FEDERAL FISCAL OPERATIONS

Introduction.—Federal Fiscal Operations........................................................................................................................................... 11

Analysis.—Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source ....................... 12

FFO-A.—Chart: Monthly Receipts and Outlays ............................................................................................................................... 14

FFO-B.—Chart: Budget Receipts by Source...................................................................................................................................... 14

FFO-1.—Summary of Fiscal Operations............................................................................................................................................. 15

FFO-2.—On-Budget and Off-Budget Receipts by Source............................................................................................................... 16

FFO-3.—On-Budget and Off-Budget Outlays by Agency............................................................................................................... 18

FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency.............................................................. 20

FFO-5.—Internal Revenue Receipts by State..................................................................................................................................... 21

FFO-6.—Customs Collection of Duties, Taxes, and Fees by Districts and Ports........................................................................ 22

ACCOUNT OF THE U.S. TREASURY

Introduction.—Source and Availability of the Balance in the Account of the U.S. Treasury.................................................... 26

UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances................................................ 26

FEDERAL DEBT

Introduction.—Federal Debt.................................................................................................................................................................. 28

FD-1.—Summary of Federal Debt ....................................................................................................................................................... 29

FD-2.—Debt Held by the Public ........................................................................................................................................................... 30

FD-2.—Interest-Bearing Public Debt (Historical)............................................................................................................................. 31

FD-3.—Government Account Series ................................................................................................................................................... 32

FD-4.—Interest-Bearing Securities Issued by Government Agencies........................................................................................... 33

FD-5.—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by

 Private Investors....................................................................................................................................................................... 34

FD-6.—Debt Subject to Statutory Limit .............................................................................................................................................. 35

FD-6.—Debt Subject to Statutory Limitation (Historical)............................................................................................................... 36

FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies....................................... 37

PUBLIC DEBT OPERATIONS

Introduction.—Public Debt Operations............................................................................................................................................... 39

TREASURY FINANCING.................................................................................................................................................................... 39

PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly 

 and 52-Week Treasury Bills Outstanding.......................................................................................................................... 43

PDO-2.—Offerings of Regular Weekly Treasury Bills .................................................................................................................... 48

PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ........................................................ 49

PDO-4.—Allotments by Investor Class for Marketable Public Debt Securities Other than Bills............................................. 50

U.S. SAVINGS BONDS AND NOTES

Introduction.—Savings Bonds and Notes............................................................................................................................................ 51

SBN-1.—Sales and Redemptions by Series, Cumulative................................................................................................................. 51

SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined............................................ 52

SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH, and I ..................................................................................... 52
IV

Contents

OWNERSHIP OF FEDERAL SECURITIES

Introduction.—Ownership of Federal Securities................................................................................................................................ 54

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues............................................................... 55

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues (Historical)......................................... 56

OFS-2.—Estimated Ownership of U.S. Treasury Securities ........................................................................................................... 57

MARKET YIELDS

Introduction.—Market Yields................................................................................................................................................................ 58

MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds............................................................. 58

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ...................................................................................... 59

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coin .......................................................................................... 59

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ............................. 60

INTERNATIONAL STATISTICS

INTERNATIONAL FINANCIAL STATISTICS

Introduction.—International Financial Statistics................................................................................................................................ 63

IFS-1.—U.S. Reserve Assets................................................................................................................................................................. 63

IFS-2.—Selected U.S. Liabilities to Foreigners................................................................................................................................. 64

IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other 

 Residents of Foreign Countries.............................................................................................................................................. 65

CAPITAL MOVEMENTS

Introduction.—Capital Movements...................................................................................................................................................... 66

SECTION I.—Liabilities to Foreigners Reported by Banks in the United States

CM-I-1.—Total Liabilities by Type and Holder................................................................................................................................ 69

CM-I-2.—Total Liabilities by Country................................................................................................................................................ 70

CM-I-3.—Total Liabilities by Type and Country.............................................................................................................................. 72

CM-A.—Chart: U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers

 with Respect to Selected Countries..................................................................................................................................... 74

SECTION II.—Claims on Foreigners Reported by Banks in the United States

CM-II-1.—Total Claims by Type......................................................................................................................................................... 75

CM-II-2.—Total Claims by Country.................................................................................................................................................... 76

CM-II-3.—Total Claims on Foreigners by Type and Country ........................................................................................................ 78

CM-B.—Chart: U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers

 with Respect to Selected Countries..................................................................................................................................... 80

SECTION III.—Supplementary Liabilities and Claims Data Reported by Banks in the United States

CM-III-1.—Dollar Liabilities to, and Dollar Claims on, Foreigners in Countries and Areas Not Regularly

 Reported Separately .......................................................................................................................................................... 81

SECTION IV.—Liabilities to, and Claims on, Foreigners Reported by Nonbanking Business Enterprises

 in the United States

CM-IV-1.—Total Liabilities and Claims by Type............................................................................................................................. 82

CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country ............................................................................................. 83

CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country.................................................................................................. 85

CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country ............................................. 87
V

Contents

SECTION V.—U.S. International Transactions in Long-Term Securities

CM-V-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type.................................................... 89

CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ....................................................... 90

CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country............................................. 91

CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type

 and Country, during (third quarter) ................................................................................................................................. 93

CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type

 and Country, during (calendar year)................................................................................................................................ 95

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries.................................. 97

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors.................................................................. 98

FOREIGN CURRENCY POSITIONS

Introduction.—Foreign Currency Positions........................................................................................................................................ 99

SECTION I.—Canadian Dollar Positions

FCP-I-1.—Weekly Report of Major Market Participants...............................................................................................................100

FCP-I-2.—Monthly Report of Major Market Participants.............................................................................................................101

FCP-I-3.—Quarterly Report of Large Market Participants............................................................................................................101

SECTION II.—Japanese Yen Positions

FCP-II-1.—Weekly Report of Major Market Participants.............................................................................................................102

FCP-II-2.—Monthly Report of Major Market Participants............................................................................................................103

FCP-II-3.—Quarterly Report of Large Market Participants..........................................................................................................103

SECTION III.—Swiss Franc Positions

FCP-III-1.—Weekly Report of Major Market Participants............................................................................................................104

FCP-III-2.—Monthly Report of Major Market Participants..........................................................................................................105

FCP-III-3.—Quarterly Report of Large Market Participants.........................................................................................................105

SECTION IV.—Sterling Positions

FCP-IV-1.—Weekly Report of Major Market Participants...........................................................................................................106

FCP-IV-2.—Monthly Report of Major Market Participants..........................................................................................................107

FCP-IV-3.—Quarterly Report of Large Market Participants.........................................................................................................107

SECTION V.—U.S. Dollar Positions

FCP-V-1.—Weekly Report of Major Market Participants.............................................................................................................108

FCP-V-2.—Monthly Report of Major Market Participants...........................................................................................................109

FCP-V-3.—Quarterly Report of Large Market Participants..........................................................................................................109

SECTION VI.—Euro Positions

FCP-VI-1.—Weekly Report of Major Market Participants...........................................................................................................110

FCP-VI-2.—Monthly Report of Major Market Participants..........................................................................................................111

FCP-VI-3.—Quarterly Report of Large Market Participants.........................................................................................................111

EXCHANGE STABILIZATION FUND

Introduction.—Exchange Stabilization Fund....................................................................................................................................112

ESF-1.—Balance Sheet ........................................................................................................................................................................112

ESF-2.—Income and Expense.............................................................................................................................................................113
VI

Contents

SPECIAL REPORTS

TRUST FUNDS

Introduction.—Trust Funds..................................................................................................................................................................117

TF-A.—Chart: Major Trust Funds, Total Net Increase or Decrease in Assets...........................................................................117

TF-B.—Chart: Total Receipts of Major Trust Funds......................................................................................................................118

TF-C.—Chart: Total Expenditures of Major Trust Funds..............................................................................................................119

TF-1.—Civil Service Retirement and Disability Fund....................................................................................................................120

TF-2.—Federal Hospital Insurance Trust Fund................................................................................................................................121

TF-3.—Federal Disability Insurance Trust Fund.............................................................................................................................122

TF-4.—Federal Old-Age and Survivors Insurance Trust Fund.....................................................................................................123

TF-5.—Federal Supplementary Medical Insurance Trust Fund....................................................................................................124

TF-6.—National Service Life Insurance Fund.................................................................................................................................125

TF-7.—Railroad Retirement Account................................................................................................................................................126

TF-8.—Unemployment Trust Fund....................................................................................................................................................127

TF-9.—Investments of Specified Trust Accounts in Public Debt Securities by Issue..............................................................129

Introduction.—Highway Trust Fund..................................................................................................................................................130

TF-15A.—Highway Trust Fund; Highway Account, Mass Transit Account.............................................................................130

RESEARCH PAPER INDEX ..............................................................................................................................................................131

GLOSSARY...........................................................................................................................................................................................132

ORDER FORM FOR TREASURY PUBLICATIONS .........................................................................................Inside back cover

NOTES: Definitions for words shown in italics can be found in the glossary; Figures may not add to totals because of 

rounding; p = Preliminary; n.a. = Not available; r = Revised.
VII

Nonquarterly Tables and Reports

For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports

are listed below along with the issues in which they appear.

Issues

March June Sept. Dec.

Federal Fiscal Operations

FFO-5.—Internal Revenue Receipts by State................................................................................................ v

FFO-6.—Customs Collections of Duties, Taxes and Fees by Districts and Ports................................ v

Special Reports

Financial Report of the United States Government excerpt ................................................................ v

Trust Fund Reports:

Airport and Airway Trust Fund................................................................................................ v

Aquatic Resources Trust Fund................................................................................................ v

Black Lung Disability Trust Fund................................................................................................ v

Civil Service Retirement and Disability Fund................................................................ v

Federal Disability Insurance Trust Fund ................................................................................................ v

Federal Hospital Insurance Trust Fund................................................................................................ v

Federal Old-Age and Survivors Insurance Trust Fund................................................................ v

Federal Supplementary Medical Insurance Trust Fund................................................................ v

Harbor Maintenance Trust Fund................................................................................................ v

Hazardous Substance Superfund................................................................................................ v

Highway Trust Fund................................................................................................................................ v

Inland Waterways Trust Fund................................................................................................ v

Investments of Specified Trust Accounts................................................................................................ v

Leaking Underground Storage Tank Trust Fund................................................................ v

National Service Life Insurance Fund................................................................................................ v

Nuclear Waste Fund................................................................................................................................ v

Oil Spill Liability Trust Fund................................................................................................ v

Railroad Retirement Account................................................................................................ v

Reforestation Trust Fund................................................................................................ v

Unemployment Trust Fund................................................................................................ v

Uranium Enrichment Decontamination and Decommissioning Fund................................ v

Vaccine Injury Compensation Trust Fund ................................................................ v

Wool Research, Development, and Promotion Trust Fund................................................................ v
3

Profile of the Economy

[Source: Office of Macroeconomic Analysis]

Real gross domestic product (GDP)

Real gross domestic product (GDP) accelerated in the 

third quarter of 2004 while second quarter growth was

stronger than originally reported. Second quarter growth was 

revised upward from a 3.0 percent annual rate to 3.3 percent,

and advance estimates of third quarter GDP growth show a 

3.7 percent pace. First quarter GDP grew at a robust 4.5 

percent annual rate.

The acceleration in growth in the third quarter can be 

mostly attributed to a rebound in real personal consumption 

expenditures (PCE), which account for more than two-thirds 

of GDP. Growth in PCE surged to a 4.6 percent annual rate 

in the third quarter after tepid second-quarter growth of 1.6 

percent—the lowest in 2 years. After experiencing weakness 

for three consecutive quarters, motor vehicle expenditures 

surged at a 27.2 percent annual rate, accounting for much of 

the rebound in total personal consumption.

Growth in business fixed investment remained strong at 

an 11.7 percent annual rate in the third quarter, boosted by a 

14.9 percent increase in equipment and software investment. 

The pace of residential investment, on the other hand, was 

likely affected by adverse weather conditions and slowed to 

a 3.1 percent growth rate in the third quarter after posting a 

16.5 percent gain in the second quarter.

Exports continued to rise at a good clip—5.1 percent at 

an annual rate in the third quarter, marking the sixth

consecutive quarter of export growth and 6.6 percent

(annualized) for the first three quarters of 2004. Despite the 

gains, exports were still outpaced by import growth of 7.7 

percent in the third quarter and a 10.3 percent annual rate for 

the year to date.

Government spending and investment slowed to a 1.4 

percent annual rate after posting a 2.2 percent increase in the 

second quarter as third quarter federal nondefense spending 

and investment fell 4.7 percent after rising 4.4 percent in the 

second quarter. National defense spending and investment 

jumped 9.3 percent, up significantly from the 1.9 percent 

second quarter increase, while state and local expenditures 

edged down 0.5 percent in the latest quarter.

Growth of Real GDP

4.4 4.3 4.5 4.7

2.2

0.2

2.3

4.4

3.9

0

1

2

3

4

5

6

96 97 98 99 00 01 02 03 04*

(Percent change, fourth quarter to fourth quarter)

*2004 based on third quarter
4 PROFILE OF THE ECONOMY

Inflation

Inflation at both the consumer and producer price levels 

slowed in the third quarter from the pace in the first half of 

this year. The consumer price index increased at a 0.6

percent annual rate over the 3 months ending in September, 

well below the 4.9 percent rate during the first 6 months of 

2004. Energy prices, which jumped at a 36.0 percent annual 

rate in the first half of the year, fell by almost 10 percent 

across the third quarter. A swing from a surge of 65.5

percent at an annual rate over the first 6 months of the year 

to a 16.5 percent drop during the third quarter in the cost of 

petroleum-based energy products was a major factor. The 

increase in food prices slowed to a 1.3 percent annual rate 

during the third quarter from an increase of 3.2 percent 

during the first 6 months of the year. “Core” inflation (prices 

excluding food and energy) also contributed to the

improvement in overall consumer prices, with the pace

slowing from a 2.6 percent rate in the first 6 months of the 

year to 1.8 percent across the third quarter. 

The pattern at the producer level mirrors developments at 

the consumer level. Overall finished goods prices were up at 

a 5.0 percent annual rate during the first 6 months of this 

year before tapering off to a 0.3 percent rise during the third 

quarter. Increases in core and energy prices slowed during 

the third quarter compared to earlier months in the year

while wholesale food costs were down. Energy prices were 

up at a 6.3 percent pace during the third quarter, down from 

a 14.9 percent annual rate gain for the 6 months ending in 

June. Core prices rose by 1.1 percent over the latest 3 month 

period, down from the 2.5 percent pace earlier in the year. 

Wholesale food prices rose at a 5.3 percent rate during the 

first 6 months of 2004 but subsequently declined at a 6.8 

percent rate during the third quarter. Further back in the

production chain, core intermediate materials prices

continued to increase at a near 10 percent annual rate during 

the third quarter.

Labor costs remain subdued. Hourly compensation costs 

as calculated in the national income accounts for the private 

nonfarm business sector increased at a 3.6 percent annual 

rate in the third quarter, the same as during the first half of 

the year. This was a little faster than the 3.0 percent annual 

rate increase in productivity this year. As a result, unit labor 

costs have increased at a slight 0.3 percent pace during the 

first three quarters of this year after declining by 0.2 percent 

across the four quarters of 2003. The employment cost index 

for total compensation, a fixed-weighted compensation

measure, increased by 3.8 percent during the 12-month 

period ending in September, boosted by a surge in benefit 

costs. This was close to the 3.9 percent increase for the

comparable period in the previous year.

-4

-2

0

2

4

6

8

91 92 93 94 95 96 97 98 99 00 01 02 03 04

Excluding food and energy

Total

Producer Prices - Finished Goods

(Percent change from a year earlier)

0

1

2

3

4

5

6

7

91 92 93 94 95 96 97 98 99 00 01 02 03 04

Excluding food and energy

Total

Consumer Prices

(Percent change from a year earlier)
PROFILE OF THE ECONOMY 5

Employment and unemployment

By the fall of 2004, labor markets appeared to be

strengthening. October marked the 14th consecutive month 

of nonfarm job growth. Since the August 2003 low point of 

employment, 2.4 million jobs have been created

(incorporating the Bureau of Labor Statistics’ estimate of the 

March 2004 benchmark revision). So far this year, payrolls 

rose by 2.0 million, or an average of roughly 200,000 per 

month.

Nonfarm payroll employment surged by 337,000 in

October, nearly double the market expectation. Importantly, 

job gains were fairly widespread among sectors.

Employment in professional and business services increased 

by nearly 100,000, as temporary workers accounted for

about half that gain. Construction employment also posted 

an impressive 71,000 increase in October, likely boosted by 

the post-hurricane work in the Southeast. The only real 

disappointment in the latest report was a 5,000 decline in 

manufacturing jobs. Still, the factory sector has created

79,000 jobs since its low point in January.

The unemployment rate edged up from 5.4 percent to 5.5 

percent in October, but remained 0.8 percentage point below 

the June 2003 peak. The share of the population

participating in the labor force remained unchanged at 65.9 

percent in October. That matched readings earlier this year 

as the lowest share since mid-1988. 

Over the 12 months ended in October, average hourly 

earnings of nonfarm production workers rose 2.6 percent, 

above the 2.0 percent rise in inflation in the year ending in 

September (latest available) using the personal consumption 

expenditure index.

Payroll Employment

337

-174

-140

22

-302

-71

-14

-49 -54 -58

-21

198 209

60

141

-1

-400

-300

-200

-100

0

100

200

300

400

500

01-I II III IV 02-I II III IV 03-I II III IV 04-I II III IV*

(Average monthly change in thousands)

* Based on October data

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

96 97 98 99 00 01 02 03 04

(Percent)

Oct. 2004

5.5%
6 PROFILE OF THE ECONOMY

Real disposable personal income and 

consumer spending

Growth in nominal personal income slowed to a 3.0 

percent annual rate in the third quarter from a 5.5 percent 

pace during the first half of the year. Wages and salaries, 

which account for more than half of personal income, grew 

at a strong 4.4 percent annual rate, the same as averaged in 

the first two quarters of the year. Growth in personal interest 

income slowed a bit in the third quarter to a 1.4 percent 

annual rate from an annual rate of just over 2 percent in the 

first half of the year. Interest income has now increased for 

four consecutive quarters. Prior to these increases, interest 

income had been moving down on average for 3 years. 

Dividend income has increased at a healthy pace this year 

following little change last year. 

Disposable (after-tax) income adjusted for inflation

moved up at a 1.4 percent pace in the third quarter, a bit 

below the 2.4 percent annual rate registered in each of the 

previous two quarters. The pace has slowed this year from 

the 3.9 percent gain during 2003, when results were boosted 

by the Jobs and Growth Tax Relief Reconciliation Act. 

Growth in real consumer spending accelerated to a 4.6 

percent annual rate in the third quarter from 4.1 percent in 

the first quarter and 1.6 percent in the second quarter. With 

this pace exceeding growth in after-tax income this year, the 

personal saving rate has moved down to a very low 0.4 

percent in the third quarter. The saving rate stood at

1.4 percent for all of 2003, down from 2.0 percent during 

2002.

Industrial production and capacity 

utilization

Industrial production slowed during the third quarter of 

2004. Output from factories, mines, and utilities increased 

2.9 percent at an annual rate in the third quarter after rising 

at a 4.9 percent annual rate in the second quarter and a

strong 6.6 percent in the first quarter. Over the 12 months 

ending in September, output increased by 4.6 percent.

Manufacturing production, which accounts for about 82 

percent of all industrial output, grew 4.4 percent at an annual 

rate in the third quarter following a large 7.2 percent

advance in the second quarter and gains of about 6 percent in 

each of the previous two quarters. The slowdown in the third 

quarter reflected a reduced pace of production in a number 

of manufacturing industries, such as machinery, metal

products and chemicals, among others, as well as declines in 

plastics and rubber products and in food products. Output of 

high-technology goods (computers, communications

equipment, and semiconductors) slowed to a 13.2 percent 

annual rate increase from average growth of more than 25 

percent in each of the prior three quarters. That was chiefly 

due to a sharp slowdown in semiconductors to 6.2 percent 

from growth of about 40 percent in the first half of the year. 

Output of computers and peripheral equipment maintained a 

strong 17.5 percent pace in the third quarter, and

communications equipment surged at a 25.6 percent rate 

following very modest gains in the prior three quarters.

Production of motor vehicles and parts edged up at a slight 

0.4 percent annual rate in the third quarter after dropping 

more than 10 percent in the second quarter. Apart from

automobiles, manufacturing output rose at a 4.7 percent 

annual rate in the third quarter, the lowest quarterly rate in a 

year.

Production at utilities, which accounts for 10 percent of 

total industrial output, declined for the second quarter in a 

row, down at a 5.4 percent annual rate in the third quarter 

and 7.0 percent in the second. Weather is usually a factor in 

this sector and the declines in the latest two quarters retraced 

much of the 15.6 percent surge in the first quarter of 2004, 

which reflected unseasonable weather. Output at mines (the 

remaining 8 percent of industrial output) continued to edge 

down for a third straight quarter. 

The capacity utilization rate for the industrial sector was 

77.3 percent for the third quarter, up from the two -decade 

low of 74.0 percent reached in June 2003 but still 3.8

percentage points below the long-term average of 81.1

percent. Capacity utilization ranged between 82 and 85

percent in the 1994–1999 period. Capacity utilization in the 

manufacturing sector was 76.5 in the third quarter, above the 

76.1 percent reading in the second quarter but 3.6 percentage 

points below its long-term average. Utilization in the hightechnology industries fell back to 68.0 percent from 69.6 

percent in the second quarter, which had been the highest 

level in 3 years but still well below the long-term average of 

78.8 percent.

Nonfarm productivity and unit labor costs

Productivity gains slowed somewhat in the third quarter 

but, viewed over a longer term, the recent overall trend 

remains quite strong. Preliminary third quarter data show 

that nonfarm business productivity (real output per hour

worked) rose 1.9 percent at an annual rate, down from the 

second quarter’s 3.9 percent gain. The slowdown partly

reflected a strong increase in hours worked.

Over the most recent four quarters, labor productivity 

rose 3.1 percent, the same as averaged during the so-called 

“new era” for productivity since the end of 1995. Taking the 

past 15 quarters, output per hour in the nonfarm business 

sector surged by 3.9 percent at an annual rate. That is even 

stronger than the 2.6 percent pace averaged from 1995

through 2000. The productivity numbers in recent years have 

dwarfed the 1.5 percent annual pace averaged from 1973 

through 1995.

Hourly compensation costs rose at a 3.6 percent annual 

rate in the third quarter, down from a 4.9 percent increase in 

the second quarter. These costs were up by 3.7 percent 

during the most recent four quarters, marking a deceleration 

from the 4.6 percent posted in the year-earlier period. Unit 

labor costs, which represent the excess of compensation 

growth over productivity growth, rose 1.6 percent at an 

annual rate in the third quarter at an annual rate, the second 

successive quarterly gain. Over the latest four quarters,

however, unit labor costs are up a modest 0.6 percent as 
PROFILE OF THE ECONOMY 7

gains in productivity still appear to be tempering 

compensation costs.

Productivity in manufacturing rose at a 4.3 percent

annual rate in the third quarter, slowing substantially from 

the second quarter’s 8.3 percent jump. Over the most recent 

four quarters, manufacturing productivity is up 4.6 percent, 

still somewhat faster than the 4.4 percent annual pace

averaged since 1995.

Hourly compensation in manufacturing rose by 4.4

percent at an annual rate in the third quarter, but the rapid 

productivity growth yielded only a 0.1 percent increase in 

unit labor costs. These costs actually fell 2.1 percent over the 

most recent four quarters. Unit labor costs in manufacturing 

have risen by only 0.8 percent since early 1992.

International transactions

The current account measures trade in goods and

services as well as the flow of investment income and

unilateral transfers (including government grants and

pension payments as well as private transfers to and from 

foreigners). The current account has been in deficit almost 

continuously since the early 1980s but has fluctuated widely 

over time. In the second quarter of 2004, the current account 

deficit widened by $76 billion to an all-time high of $665 

billion at an annual rate (or 5.7 percent of GDP). The

increase was largely accounted for by a surge in the

merchandise trade deficit to a record $654 billion, although a 

decline in the surplus on investment income also

contributed. A rebound in the services-trade surplus and a 

drop in unilateral transfers partly offset those changes.

The current account is, by definition, matched by

offsetting transactions in the capital and financial accounts, 

with any difference in the recorded flows listed as a

statistical discrepancy. Capital account transactions, which 

mainly consist of debt forgiveness and wealth transfers

associated with immigration, are typically small and in the 

second quarter edged down to -$1.3 billion at an annual rate 

from -$1.6 billion in the first quarter.

The financial account measures transactions that alter the 

foreign financial assets and liabilities of the United States. 

Net financial inflows (the difference between net foreign 

purchases of U.S. assets and U.S. purchases of foreign

assets) rose in the second quarter to $587 billion at an annual 

rate from $555 billion in the previous quarter. Net foreign 

purchases of assets in the United States slowed to $1.1 

trillion at an annual rate from a record $1.8 trillion in the 

first quarter. A sharp deceleration in U.S. liabilities to

foreigners reported by U.S. banks was responsible for much 

of the pullback. Foreign central bank and government

purchases of U.S. assets also eased in the second quarter 

after surging in the first quarter, and private purchases of 

U.S. Treasuries and corporate equities moderated. U.S.

purchases of overseas assets slowed even more than foreign 

financial flows into the United States, plunging by $753 

billion from an all-time high of $1.2 trillion in the first 

quarter to $474 billion in the second quarter.

Exchange rate of the dollar

The dollar strengthened somewhat during the first half of 

this year after falling from a peak in February 2002 through 

January 2004. In the 23-month period between that peak and 

January, the nominal exchange value of the dollar relative to 

a broad index covering the currencies of 26 important U.S. 

trading partners depreciated by 13 percent. During the 6

months through October, the dollar’s firming trend has

slowed; it has risen by about 0.5 percent.

The decline was a function mainly of dollar weakness 

against the seven currencies of the United States’ majo r 

trading partners, including the euro area countries, Japan, 

Canada, the United Kingdom, Australia, Sweden, and

Switzerland. Between February 2002 and January 2004, the 

exchange rate of the dollar compared to an index of these 

currencies fell by 24.5 percent. Dollar depreciation against 

the yen and the euro, whose combined weights account for 

roughly 55 percent of the major index, was largely

responsible. Over the same period, the dollar/euro exchange 

rate fell by 31 percent and the dollar/yen exchange rate fell 

by 20.5 percent. Since January, the dollar has eased by about 

0.1 percent against the major currencies, although over that 

period it has firmed 2.4 percent against the yen and 1 percent 

against the euro. The dollar’s general trend of depreciation 

reflects concerns about the current account deficit and the 

slow patch of U.S. economic data, as well as fears that 

record oil prices will impede ongoing U.S. economic

recovery.

The dollar remains relatively strong compared with the 

currencies of many other important trading partners,

although its pace of appreciation in more recent months has 

slowed somewhat. Since February 2002, the exchange value 

of the dollar compared to an index of currencies that

includes Mexico, China, Brazil, and seven other Asian

countries has appreciated by 4.9 percent. Since December 

1999, this index has risen by 11.7 percent.
8 PROFILE OF THE ECONOMY

Interest rates

In late June, the Federal Reserve embarked on its latest 

cycle of monetary tightening, hiking the federal funds target 

rate by 25 basis points to 1.25 percent. Previously, the

Federal Open Market Committee (FOMC) had held the

target for the federal funds rate (the rate that banks and other 

financial institutions charge each other for overnight loans) 

constant at 1 percent between June 2003 and May 2004. At 

its August, September, and November meetings, the FOMC 

raised the federal funds rate in increments of 25 points to 2.0 

percent. At this relatively low level, the Federal Reserve’s 

monetary stance remains accommodative.

In the Treasury market, the 3-month Treasury bill rate 

remained below 1 percent for most of the period from June 

2003 until May 2004, but since early May the rate has risen 

by about 90 basis points in anticipation of tightening by the 

Federal Reserve and on evidence of faster economic growth. 

After dipping to a low of 3.75 in early March, the 10-year 

Treasury yield also rose in anticipation of faster growth and 

monetary tightening, to over 4.8 percent in mid -May. Since 

then, in reaction to a soft patch of economic data releases, 

rising geo-political uncertainty, and concerns that rising oil 

prices would impede growth, the 10-year yield has declined 

by about 75 basis points to the 4.0 percent level.

Mortgage interest rates generally follow movements of

the 10-year Treasury rate. The interest rate on a conventional 

30-year fixed-rate loan fell to about 5.4 percent in March 

2004, close to the low of 5.2 percent reached in June 2003. 

The low rates led to a new round of mortgage refinancings 

and helped free additional cash for consumption. In

subsequent months, the rate rose to an average 6.3 percent at 

the end of June–still low in historical perspective–and the 

pace of refinancings subsided. Since then, however, it has 

followed the 10-year Treasury yield lower, and reached an 

average 5.72 percent in October.

Corporate bond yields reflect movements in long-term 

Treasury yields as well as numerous other factors. Moody’s 

seasoned Baa yield declined on evidence of faster growth 

and rising corporate profits, reaching an average 6.11

percent in March 2004. The yield rose to 6.64 in July,

reflecting rising yields in bond markets generally, but has 

since edged down to 6.2 percent as of October. The spread 

between the Baa yield and the 10-year Treasury yield, a

measure of investor risk appetite, narrowed to an average of 

2.11 percentage points as of October from nearly 4

percentage points in late 2002.

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

1999 2000 2001 2002 2003 2004

Long-term Interest Rates

Corporate Baa bond

Treasury 10-year note

(Percent)

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

1999 2000 2001 2002 2003 2004

Short-term Interest Rates

Federal funds

rate target

3-month Treasury bills

(Percent)

`
PROFILE OF THE ECONOMY 9

Housing

The housing sector has performed exceptionally well the 

past few years and remained very strong in the third quarter, 

despite a moderate pullback in some indicators. Housing 

starts moved higher, but real residential investment slowed 

after a steep run-up in the second quarter. Home sales eased 

off of the record levels achieved in the second quarter even 

as mortgage interest rates drifted lower, and the

homeownership rate receded to 68.9 percent in the third 

quarter from an all-time high of 69.3 percent in the previous 

quarter.

Housing starts rebounded in the third quarter, rising by 

10.4 percent at an annual rate after two successive quarterly 

declines. Notable gains were posted in both single-family 

and multi-family groundbreakings, lifting total starts for the 

quarter to 1.968 million at an annual rate. Housing starts 

through the first nine months of 2004 averaged 1.943 million 

at an annual rate, about 5 percent higher than last year’s 

record of 1.848 million.

Sales of new single-family homes eased by 15 percent at 

an annual rate in the third quarter to an annualized 1.157 

million from an all-time high of 1.206 million in the second 

quarter. Resales of existing homes also slowed, dipping by 7 

percent at an annual rate in the third quarter to 6.673 million 

annualized from the second quarter’s unprecedented 6.787 

million pace. Even so, sales of both new and existing homes 

remain on track to exceed the record 1.1 million and 6.1 

million, respectively, sold in all of 2003. The recent brisk 

selling pace combined with the relatively lean supply of

homes currently on the market point to further gains in 

housing construction in the near term.

Low mo rtgage rates, which have played an important 

role in underpinning housing demand, should also remain 

supportive of housing activity in the months ahead. The

average interest rate for a 30-year conventional fixed-rate 

loan has eased by nearly 60 basis points from a recent peak 

of 6.29 percent in June to 5.72 percent in October. Attractive 

mortgage rates have maintained housing affordability at a 

very favorable level this year, making it possible for record 

numbers of people to buy their own homes and boosting the 

homeownership rate to an all-time high of 69 percent in the 

first three quarters of 2004. That is well above readings 

around 64 percent in the early 1990s.

Federal budget

The federal budget deficit in fiscal year 2004 was $413 

billion, $36 billion mo re than the $377 billion deficit in 

fiscal year 2003. The final figure came in less than had been 

projected in July’s Mid-Session Review, which anticipated a 

deficit of $445 billion in fiscal year 2004. Though the $413 

billion is an all-time record in dollar terms, the 3.6 percent 

share of nominal GDP that it represents is well below the 

fiscal year 1983 peak of 6.0 percent and lower than the

shares of the mid-1980s and early 1990s.

Receipts in fiscal year 2004 increased for the first time in 

4 years, primarily due to a stronger economy and increases 

in jobs and corporate profits. Receipts rose $98 billion (5.5 

percent) to $1,880 billion, the highest level of receipts since 

fiscal year 2001. Outlays rose $133 billion in the latest fiscal 

year, or 6.2 percent, and the $2,292 billion level of outlays 

represented a 19.8 percent share of GDP.

Debt held by the public increased by $380 billion in 

fiscal year 2004 to a level of $4,293 billion by yearend. 

Though an all-time high in dollar terms, the debt level was a 

relatively modest 37.2 percent of nominal GDP, well below 

the average 45.3 percent share that prevailed from the late 

1980s through most of the 1990s. Net interest paid on

federal debt outstanding was just 1.4 percent of GDP in 

fiscal year 2004.
10 PROFILE OF THE ECONOMY

Net national saving and investment

Net national saving, the source of funds for new

investment, has fallen sharply in recent years after a brief 

period of improvement in the mid to late 1990s. In the

second quarter of 2004, net national saving was equivalent 

to 2.2 percent of net national product (NNP). That was little 

changed from the first quarter and up from 1.4 percent in 

2003 but well below a recent high of 7.3 percent in 1998. 

(Net national saving and NNP exclude depreciation to

replace worn -out or obsolete equipment, software, and

structures used in production.)

The widening federal budget deficit has held down the 

net national saving rate in the past few years. The federal 

deficit rose from 2.8 percent of NNP in calendar year 2002 

to 3.8 percent in 2003 and the first half of this year. Growth 

in the deficit largely reflected the effects of the recession in 

2001 and outlays for homeland security following the

terrorist attacks. State and local government budgets are now 

approximately in balance after recording a deficit of

0.3 percent of NNP in 2002. Altogether, the public sector 

deficit amounted to 3.5 percent of NNP in the second

quarter, slightly below its 3.8 percent average from 1982 

through 1995.

Private saving was 5.8 percent of NNP in the second

quarter, up from an average of 5.1 percent in 2002 and 2003, 

and well above the 6-decade low of 3.7 percent recorded in 

2001. The upward trend in private saving partly reflects 

strong growth of corporate profits, which has helped boost 

retained earnings of corporations to 4.9 percent of NNP in 

the first half of this year. That was up from 4.0 percent in 

2003 and a twenty-year low of 2.0 percent in 2000. Personal 

saving, which fell to 1.1 percent of NNP during 2003–the 

lowest in more than 50 years–edged down in the first half of 

this year to 0.9 percent.

Net domestic investment (by government and private

industry in structures, equipment, software, and inventory) 

climbed to 9.0 percent of NNP in the second quarter from 

8.2 percent in the first quarter and an annual average of 6.9 

percent in 2003. While still below the 9-3/4 percent average 

posted from 1998 through 2000, the current rate of net 

investment is considerably higher than the below 6 percent 

readings in 1991 and 1992. A large portion of domestic

investment during the last decade was financed from abroad. 

This is reflected in the U.S. current account balance, which 

swung from a surplus of 0.3 percent of NNP in 1991 to a 

deficit of 5.8 percent in the first half of 2004.

Net National Saving

-10

-5

0

5

10

15

60 65 70 75 80 85 90 95 00 *

Public

Total

(Saving as a percent of NNP)

*2004 based on first two quarters
11

INTRODUCTION: Federal Fiscal Operations

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that

extend the availability of unobligated amounts that have

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they

would otherwise lapse.

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

may also be liquidated (and outlays recorded) by the accrual 

of interest on public issues of Treasury debt securities

(including an increase in redemption value of bonds

outstanding); or by the issuance of bonds, debentures, notes, 

monetary credits, or electronic payments.

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax

credits in excess of tax liabilities are treated as outlays.

Outlays during a fiscal year may be for payment of

obligations incurred in prior years or in the same year.

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority

provided for the year in which the money is spent. Total 

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections.

Receipts are reported in the tables as either budget

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax

receipts (including social insurance taxes), receipts from

court fines, certain licenses, and deposits of earnings by the 

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit.

Offsetting collections from other Government accounts 

or the public are of a business-type or market-oriented 

nature. They are classified as either collections credited to 

appropriations or fund accounts, or offsetting receipts (i.e., 

amounts deposited in receipt accounts). The former norma lly 

can be used without an appropriation act by Congress. These 

occur in two instances: (1) when authorized by law, amounts 

collected for materials or services are treated as

reimbursements to appropriations. For accounting purposes, 

earned reimbursements are also known as revenues. These 

offsetting collections are netted against gross outlays in

determining net outlays from such appropriations; and (2) in 

the three types of revolving funds (public enterprise,

intragovernmental, and trust); offsetting collections are

netted against spending, and outlays are reported as the net 

amount.

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three

categories: (1) proprietary receipts, or collections from the 

public, offset against outlays by agency and by function; (2) 

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other

Government accounts; and (3) offsetting governmental

receipts that include foreign cash contributions.

Intrabudgetary transactions are subdivided into three

categories: (1) interfund transactions—payments are from

one fund group (either Federal funds or trust funds) to a 

receipt account in the other fund group; (2) Federal intrafund 

transactions—payments and receipts both occur within the 

Federal fund group; and (3) trust intrafund transactions—

payments and receipts both occur within the trust fund

group.

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

There are four types of receipts, however, that are deducted 

from budget totals as undistributed offsetting receipts. They 

are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’

retirement funds; (2) interest received by trust funds; (3) 

rents and royalties on the Outer Continental Shelf lands; and 

(4) other interest (i.e., that collected on Outer Continental 

Shelf money in deposit funds when such money is

transferred into the budget).

The Government has used the unified budget concept set 

forth in the “Report of the President’s Commission on

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the

budget to include all of the Government’s fiscal transactions 

with the public. Since 1971, however, various laws have

been enacted removing several Federal entities fro m (or 

creating them outside of) the budget. Other laws have moved 

certain off-budget Federal entities onto the budget. Under 

current law, the off-budget Federal entities consist of the two 

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service.

Although an off-budget Federal entity’s receipts, outlays, 

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

as the Gramm-Rudman-Hollings Act as amended by the

Budget Enforcement Act of 1990 (2 United States Code 900-

922)] included off-budget surplus or deficit in calculating 

deficit targets under that act and in calculating excess deficit. 

Partly for this reason, attention has focused on both on- and 

off-budget receipts, outlays and deficit of the Government.
12 FEDERAL FISCAL OPERATIONS

Tables FFO-1, FFO-2, and FFO-3 are published

quarterly and cover 5 years of data, estimates for 2 years, 

detail for 13 months, and fiscal year-to-date data. They 

provide a summary of data relating to Federal fiscal

operations reported by Federal entities and disbursing

officers, and daily reports from the FRBs. They also detail 

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”

• Table FFO-1 summarizes the amount of total

receipts, outlays, and surplus or deficit, as well as

transactions in Federal securities, monetary assets, and

balances in Treasury operating cash.

• Table FFO-2 includes on- and off-budget receipts 

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

excise taxes, estate and gift taxes, customs duties, and net 

miscellaneous receipts.

• Table FFO-3 details on- and off-budget outlays by 

agency.

• Table FFO-4 summarizes on- and off-budget 

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date.

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are

collections made in a fiscal year. They span several tax

liability years because they consist of prepayments

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

tax returns are due or are filed (that is, payments with 

delinquent returns or on delinquent accounts).

Amounts are reported based on the primary filing

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

were withheld. In addition, an individual may reside in one 

district and work in another.

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source

[Source: Office of Tax Analysis, Office of Tax Policy]

Fourth-Quarter Receipts

The following capsule analysis of budget receipts, 

by source, for the fourth quarter of fiscal year 2004

supplements fiscal data reported in the September

issue of the “Treasury Bulletin.” At the time of that 

issue’s release, not enough data were available to

analyze adequately collections for the quarter.

Individual income taxes—Individual income tax

receipts, net of refunds, were $212.5 billion for the fourth 

quarter of fiscal year 2004. This is an increase of $23.4 

billion over the comparable prior year quarter. Withheld 

receipts increased by $10.2 billion and non-withheld receipts 

decreased by $1.1 billion during this period. Refunds

decreased by $14.3 billion over the comparable fiscal year 

2003 quarter. There was a decrease of $1.5 billion in

accounting adjustments between individual income tax

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2003.

Corporate income taxes—Net corporate income tax 

receipts were $49.0 billion for the fourth quarter of fiscal 

year 2004. This is an increase of $14.8 billion compared to 

the prior year fourth quarter. The $14.8 billion change is 

comprised of an increase of $12.1 billion in estimated and 

final payments, and a decrease of $2.6 billion in corporate 

refunds.

Employment taxes and contributions—Employment 

taxes and contributions receipts for the fourth quarter of

fiscal year 2004 were $166.9 billion, an increase of $8.1 

billion over the comparable prior year quarter. Receipts to 

the Federal Old-Age and Survivors Insurance, Federal

Disability Insurance, and Federal Hospital Insurance trust 

funds changed by $4.3 billion, $0.7 billion, and $2.3 billion,

respectively. There was a -$1.7 billion accounting

adjustment for prior years employment tax liabilities made 

in the fourth quarter of fiscal year 2004, while there was a

-$3.2 billion adjustment in the fourth quarter of fiscal year 

2003.

Unemployment insurance—Unemp loyment insurance 

receipts, net of refunds, for the fourth quarter of fiscal year 

2004 were $9.4 billion, an increase of $1.1 billion over the 

comparable quarter of fiscal year 2003. Net State taxes

deposited in the U.S. Treasury increased by $1.1 billion to 

$8.3 billion. Net Federal Unemployment Tax Act taxes did 

not change significantly from $1.2 billion.
FEDERAL FISCAL OPERATIONS 13

Budget Results and Financing of the U.S. Government

and Fourth-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $1.2 billion for the 

fourth quarter of fiscal year 2004. This was a negligible 

change from the comparable quarter of fiscal year 2003.

Excise taxes—Net excise tax receipts for the fourth 

quarter of fiscal year 2004 were $19.8 billion, an increase of 

$0.2 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $0.6 billion, not a 

significant change over the comparable prior year quarter.

Estate and gift taxes—Net estate and gift tax receipts 

were $6.8 billion for the fourth quarter of fiscal year 2004. 

These receipts represent an increase of $1.6 billion over the 

same quarter in fiscal year 2003.

Customs duties—Customs duties net of refunds were 

$6.0 billion for the fourth quarter of fiscal year 2004. This is 

an increase of $0.5 billion over the comparable prior year 

quarter.

Miscellaneous receipts—Net miscellaneous receipts

for the fourth quarter of fiscal year 2004 were $7.8 billion, 

an increase of $0.4 billion over the comparable prior year 

quarter. This change is due in part to deposits of earnings by 

Federal Reserve banks increasing by $0.3 billion.

Total On- and Off-Budget Results and Financing of the U.S. Government

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Fourth quarter

July - Sept. Fiscal Year 2004

Total on- and off-budget results:

Total receipts.................................................... 207,368 1,879,799

On-budget receipts .......................................... 160,749 1,345,055

Off-budget receipts .......................................... 46,619 534,744

Total outlays..................................................... 183,008 2,292,352

On-budget outlays........................................... 142,035 1,912,841

Off-budget outlays........................................... 40,973 379,512

Total surplus or deficit (-)..................................... 24,360 -412,553

On-budget surplus or deficit (-)........................... 18,714 -567,786

Off-budget surplus or deficit (-)........................... 5,646 155,233

Means of financing:

Borrowing from the public..................................... 5,446 379,694

Reduction of operating cash................................ -33,836 -1,390

Other means..................................................... 4,031 34,249

Total on- and off-budget financing....................... -24,360 412,553

Fourth-Quarter Net Budget Receipts by Source, Fiscal Year 2004

[In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Source July Aug. Sept.

Individual income taxes ........................................... 60.6 62.9 89.1

Corporate income taxes .......................................... 4.9 1.8 42.3

Employment and general retirement........................... 52.6 54.0 60.3

Unemployment insurance........................................ 2.9 5.9 0.6

Contributions for other insurance and retirement ........... 0.4 0.4 0.4

Excise taxes ......................................................... 6.1 5.9 7.8

Estate and gift taxes ............................................... 2.2 2.3 2.3

Customs duties ..................................................... 2.1 2.0 1.9

Miscellaneous receipts............................................ 2.6 2.6 2.7

Total budget receipts........................................... 134.4 137.7 207.4

Note.—Detail may not add to totals due to independent rounding.
14 FEDERAL FISCAL OPERATIONS

CHART FFO-A.—

Monthly Receipts and Outlays, 2003-2004

(In billions of dollars) 

-50

0

50

100

150

200

250

S O N D J F M A M J J A S

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

850

Individual

income taxes

Social

insurance

and

retirement

receipts

Corporate

income taxes

Excise taxes M isc.

receipts 

Estate/gift

taxes

Customs

duties

* Prior-year data are for the comparable year.

2004

2003 *

CHART FFO-B.—

Budget Receipts by Source, Fiscal Year to Date, 2003-2004

(In billions of dollars) 
FEDERAL FISCAL OPERATIONS 15

TABLE FFO-1.—Summary of Fiscal Operations

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Total on-budget and off-budget results

Fiscal year

or month

Total receipts 

 (1)

 Onbudget

 receipts

 (2)

 Off-budget

 receipts

 (3)

Total

outlays

(4)

On-budget 

outlays

(5)

Off-budget 

outlays

(6)

Total

surplus or

deficit (-)

(7)

On-budget 

surplus or

deficit (-)

(8)

Off-budget 

surplus or

deficit (-)

(9)

Means of 

financing

– net transactions

Borrowing from 

the public–

Federal securities

Public debt

securities

(10)

2000................................ 2,025,060 1,544,477 480,583 1,788,441 1,457,678 330,765 236,619 86,801 149,818 23,761

2001................................ 1,991,044 1,483,525 507,519 1,863,490 1,517,488 346,002 127,555 -33,963 161,518 141,902

2002................................ 1,853,051 1,337,730 515,321 r 2,010,855 r 1,655,192 355,663 r -157,804 r -317,462 159,658 428,391

2003................................ 1,782,108 1,258,265 523,842 2,156,334 1,793,324 363,010 -374,226 535,059 160,833 561,811

2004................................ 1,879,799 1,345,055 534,744 2,292,352 1,912,841 379,512 -412,553 -567,786 155,233 595,064

2004 - Est................................ 1,874,413 1,340,899 533,514 2,319,096 1,940,541 378,555 -444,683 -599,642 154,959 637,667

2005 - Est................................ 2,091,400 1,513,691 577,709 2,422,646 2,025,421 397,225 -331,246 -511,730 180,484 619,251

2003 - Sept................................ 191,632 148,085 43,547 168,229 128,610 39,620 23,402 19,476 3,927 -6,331

Oct................................ 135,825 98,337 37,488 205,370 171,636 33,734 -69,545 -73,299 3,754 88,696

Nov ................................ 118,207 77,738 40,469 161,179 122,989 38,189 -42,971 -45,251 2,280 52,840

Dec ................................ 186,730 146,748 39,981 204,370 207,954 -3,584 -17,640 -61,206 43,566 73,172

2004 - Jan................................ 185,169 133,254 51,915 186,552 149,707 36,845 -1,383 -16,452 15,070 14,176

Feb................................ 92,009 50,494 41,515 188,709 148,964 39,744 -96,700 -98,471 1,771 82,305

Mar................................ 132,425 86,979 45,446 205,112 165,431 39,681 -72,688 -78,453 5,765 39,686

Apr................................ 220,091 162,882 57,209 202,458 166,198 36,259 17,633 -3,317 20,950 1,178

May ................................ 115,450 72,010 43,440 177,913 138,570 39,342 -62,463 -66,561 4,098 61,589

June................................ 214,382 166,393 47,989 195,242 195,259 -17 19,140 -28,866 48,006 77,702

July ................................ 134,415 93,572 40,843 203,575 166,630 36,944 -69,160 -73,058 3,899 41,815

Aug ................................ 137,729 95,899 41,830 178,865 137,465 41,400 -41,136 -41,565 430 34,072

Sept................................ 207,368 160,749 46,619 183,008 142,035 40,973 24,360 18,714 5,646 27,834

Fiscal year 2004 ................................ 1,879,799 1,345,055 534,744 2,292,352 1,912,841 379,512 -412,553 -567,786 155,233 595,064

Means of financing—net transactions, con.

Borrowing from the publicFederal securities, con. Cash and monetary assets (deduct)

Fiscal year

or month

Agency 

securities

(11)

Investments

 of 

Government 

accounts

(12)

Total

10+11-12

(13)

U.S. Treasury 

operating

cash

(14)

Special 

drawing

rights

(15)

Other

(16)

Reserve position 

on the U.S. 

quota in the 

IMF (deduct)

 (17)

Other

(18)

Transactions

not applied 

to year’s 

surplus or 

deficit

(19)

Total 

Financing

(20)

2000................................ -832 245,736 -222,809 -3,799 4,033 3,185 -6,292 -12,628 -4,056 -236,619

2001................................ -661 231,496 -90,256 -8,440 1,603 r 8,534 4,717 r -221,756 -9,430 -127,555

2002................................ 159 207,713 220,542 16,667 790 r 15,847 2,457 r -29,649 -2,802 157,811

2003................................ -922 187,324 373,565 -25,926 353 -4,165 3,208 -26,376 506 374,226

2004................................ -1,769 213,602 379,694 1,390 720 -23,559 -4,630 57,097 662 412,553

2004 - Est................................-289 221,027 416,351 -40 * * * 28,372 * 444,683

2005 - Est................................-502 284,050 334,699 - * * * -3,453 * 331,246

2003 - Sept................................-586 16,917 -23,834 29,513 443 -28,246 1,875 1,006 99 -26,315

Oct................................-197 23,863 64,637 2 17 4,755 -476 9,206 * 69,545

Nov ................................-230 9,360 43,249 -13,565 164 213 28 13,438 * 42,971

Dec ................................ -1,097 61,362 10,714 11,785 395 -9,048 -1,099 8,958 * 17,640

2004 - Jan................................-448 10,159 3,568 9,304 -40 487 -636 6,805 126 1,383

Feb................................ 127 1,755 80,677 -25,779 89 -3,014 -68 -12,748 * 96,700

Mar................................ 89 -11,874 51,649 4,567 4 -17,379 -177 7,982 71 72,688

Apr................................-185 18,933 -17,941 19,163 -246 -49 -1,310 17,864 * -17,633

May ................................-71 13,703 47,815 -24,582 237 69 -33 -9,661 - 62,463

June................................282 66,038 11,946 28,760 -22 602 -221 -2,257 290 -19,140

July ................................-186 -6,155 47,784 -9,997 -73 565 -683 11,188 * 69,160

Aug ................................-240 3,681 30,150 -32,104 124 -309 416 20,888 - 41,136

Sept................................388 22,776 5,446 33,836 72 -452 -371 3,105 175 -24,360

Fiscal year 2004 ................................ -1,769 213,602 379,694 1,390 720 -23,559 -4,630 57,097 662 412,553

* Less than $500,000. Note.—These figures are based on the Mid-Session Review of the Fiscal Year 2005 

Budget, released by the Office of Management and Budget on Jul y 30, 2004. Detail may 

not add to totals due to rounding.
16 FEDERAL FISCAL OPERATIONS

TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Income taxes

Individual Corporation

Social insurance

and retirement receipts

 Employment and general retirement 

Old-age, disability, and 

hospital insurance

Fiscal year

or month

Withheld

(1)

Other

(2)

Refunds

(3)

 Net

 (4)

 Gross

 (5)

Refunds

(6)

Net

 (7)

Net income 

taxes

(8)

 Gross

 (9)

 Refunds

 (10)

Net

(11)

2000................................ 780,397 358,110 134,046 1,004,461 235,655 28,367 207,288 1,211,750 618,076 1,965 616,111

2001................................ 793,386 383,204 182,251 994,339 186,732 35,657 151,075 1,145,414 660,276 3,106 657,170

2002................................ 750,754 286,956 179,365 858,345 211,439 63,396 148,044 1,006,389 665,381 1,011 664,370

2003................................ 734,647 252,502 193,451 793,699 194,522 62,745 131,778 925,476 672,727 1,699 671,028

2004................................ 753,260 243,324 187,626 808,958 230,619 41,250 189,370 998,328 686,313 980 685,333

2004 - Est................................ 816,296 - - 816,296 181,503 - 181,503 997,799 683,654 - 683,654

2005 - Est................................ 913,103 - - 913,103 229,638 - 229,638 1,142,741 742,898 - 742,898

2003 - Sept................................ 56,739 37,116 4,366 89,490 34,484 4,139 30,344 119,834 57,150 1,699 55,451

Oct................................ 62,308 8,000 2,664 67,644 12,652 8,980 3,672 71,316 49,131 - 49,131

Nov ................................ 53,801 2,616 6,773 49,644 3,035 2,837 198 49,843 53,182 - 53,182

Dec ................................ 75,560 7,577 1,723 81,414 44,059 4,756 39,303 120,717 52,592 - 52,592

2004 - Jan................................ 64,946 38,665 2,797 100,814 5,796 1,405 4,391 105,205 66,357 - 66,357

Feb................................ 63,883 3,095 42,602 24,377 3,256 2,431 825 25,202 52,367 - 52,367

Mar................................ 77,807 6,209 40,216 43,800 24,236 5,306 18,931 62,731 56,567 - 56,567

Apr................................ 57,798 98,173 52,358 103,614 28,925 5,439 23,485 127,099 73,441 - 73,441

May ................................ 52,696 2,923 24,950 30,668 6,483 1,255 5,228 35,897 54,966 - 54,966

June................................ 65,944 31,289 2,793 94,440 46,392 2,086 44,307 138,747 60,930 - 60,930

July ................................ 60,494 4,063 3,991 60,566 6,557 1,616 4,941 65,507 52,225 - 52,225

Aug ................................ 60,711 4,952 2,810 62,853 3,658 1,852 1,806 64,659 53,553 - 53,553

Sept................................ 57,311 35,761 3,949 89,123 45,569 3,286 42,283 131,406 61,002 980 60,022

Fiscal year 2004 ................................ 753,260 243,324 187,626 808,958 230,619 41,250 189,370 998,328 686,313 980 685,333

Social insurance and retirement receipts, con.

Employment and general retirement, con. Unemployment insurance Net for other insurance and retirement

Railroad retirement

Fiscal year

or month

Gross

(12)

Refunds

(13)

Net

(14)

Net employment 

and general 

retirement

(15)

Gross

(16)

 Refunds

 (17)

 Net un-

 employment

 insurance

 (18)

Federal 

employees 

retirement

(19)

Other

retirement

(20)

Total

(21)

2000................................ 4,345 8 4,337 620,447 27,755 115 27,641 4,693 70 4,763

2001................................ 4,281 9 4,272 661,442 27,939 127 27,812 4,647 66 4,713

2002................................ 4,185 8 4,177 668,548 27,746 127 27,620 4,533 61 4,594

2003................................ 3,963 9 3,954 674,982 33,481 115 33,366 4,578 53 4,631

2004................................ 4,030 5 4,026 689,359 39,582 129 39,453 4,545 51 4,596

2004 - Est................................ 3,829 - 3,829 687,483 39,016 - 39,016 4,690 46 4,736

2005 - Est................................ 3,832 - 3,832 746,730 43,609 - 43,609 4,619 42 4,661

2003 - Sept................................ 372 -7 379 55,830 1,789 -57 1,846 379 3 383

Oct................................ 367 * 366 49,497 1,841 11 1,829 403 5 408

Nov ................................ 331 -1 331 53,513 2,642 5 2,638 349 4 353

Dec ................................ 315 1 315 52,906 365 6 359 353 5 357

2004 - Jan................................ 327 2 325 66,682 1,115 7 1,108 418 3 421

Feb................................ 415 * 415 52,782 2,875 2 2,873 347 5 352

Mar................................ 440 * 440 57,007 686 10 677 377 4 381

Apr................................ 301 * 301 73,742 6,719 28 6,691 410 4 414

May ................................ 349 1 348 55,314 12,752 11 12,741 348 5 353

June................................ 74 * 74 61,005 1,139 10 1,129 347 5 352

July ................................ 375 * 375 52,600 2,946 18 2,929 421 4 425

Aug................................ 423 -1 424 53,977 5,868 14 5,853 405 5 409

Sept ................................ 312 * 312 60,334 633 8 625 368 3 371

Fiscal year 2004................................ 4,030 5 4,026 689,359 39,582 129 39,453 4,545 51 4,596

See footnote at end of table.
FEDERAL FISCAL OPERATIONS 17

Net miscellaneous receipts

Estate and gift taxes Customs duties Total receipts

Fiscal year

or month

Excise

taxes, con.

Net excise 

taxes

(35)

Gross

(36)

 Refunds

 (37)

Net

(38)

Gross

(39)

Refunds

(40)

Net 

(41)

Deposits of 

earnings by 

Federal 

Reserve 

banks

(42)

Universal 

service fund 

and all other

(43)

Total

(44)

On-budget 1

(45)

Off-budget

(46)

2000................................ 68,866 29,722 711 29,010 21,139 1,226 19,913 32,293 10,375 42,669 1,544,477 480,583

2001................................ 66,232 29,248 848 28,400 20,295 927 19,368 26,124 11,541 37,664 1,483, 525 507,519

2002................................ 66,989 27,242 734 26,507 19,829 1,227 18,602 23,683 10,120 33,803 1,337,730 515,321

2003................................ 67,522 22,827 868 21,959 21,032 1,170 19,862 21,878 12,430 34,317 r 1,258,265 523,842

2004................................ 69,851 25,579 749 24,831 21,806 723 21,083 19,652 12,647 32,299 1,345,055 534,744

2004 - Est................................ 69,727 23,601 - 23,601 21,197 - 21,197 19,403 11,451 30,854 1,340,899 533,514

2005 - Est................................ 72,655 22,266 - 22,266 22,726 - 22,726 24,729 11,283 36,012 1,513,691 577,709

2003 - Sept................................ 7,430 2,015 96 1,919 1,906 86 1,821 1,683 886 2,569 148,085 43,547

Oct................................ 4,632 2,259 68 2,191 2,024 42 1,982 2,930 1,041 3,970 98,337 37,488

Nov ................................ 5,845 1,843 65 1,777 1,552 57 1,495 1,497 1,245 2,742 77,738 40,469

Dec ................................ 5,877 1,899 81 1,818 1,674 77 1,597 2,138 961 3,099 146,748 39,981

2004 - Jan................................ 5,424 2,055 21 2,034 1,696 28 1,668 1,522 1,105 2,627 133,254 51,915

Feb................................ 5,102 1,652 63 1,590 1,585 62 1,523 1,528 1,057 2,585 50,494 41,515

Mar................................ 5,670 2,242 84 2,159 1,811 64 1,747 1,157 896 2,053 86,979 45,446

Apr................................ 5,877 2,766 62 2,705 1,820 74 1,746 930 886 1,817 162,882 57,209

May ................................ 5,471 1,955 36 1,919 1,590 75 1,515 1,197 1,043 2,241 72,010 43,440

June................................ 6,192 1,943 81 1,862 1,848 73 1,775 2,089 1,231 3,320 166,393 47,989

July ................................ 6,078 2,257 52 2,205 2,153 48 2,105 1,518 1,050 2,567 93,572 40,843

Aug................................ 5,916 2,372 78 2,295 2,098 80 2,018 1,564 1,038 2,602 95,899 41,830

Sept ................................ 7,768 2,335 58 2,278 1,954 43 1,911 1,582 1,092 2,675 160,749 46,619

Fiscal year 2004................................ 69,851 25,579 749 24,831 21,806 723 21,083 19,652 12,647 32,299 1,345,055 534,744

1 Details do not add to totals due to the fiscal year 2005 budget estimate of $20 billion for 

adjustment for revenue uncertainty.

* Less than $500,000.

Note.—These figures are based on the Mid-Session Review of the Fiscal Year 2005 

Budget, released by the Office of Management and Budget on July 30, 2004. Detail may 

not add to totals due to rounding.

TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source, con.

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Excise taxes

Airport and Airway Trust Fund

Black Lung Disability Trust 

Fund Highway Trust Fund Miscellaneous

Fiscal year 

or month

Social 

insurance 

and retirement 

receipts, con.

Net social 

insurance and 

retirement 

receipts

(22)

Gross

(23)

Refunds

 (24)

 Net

 (25)

Gross

(26)

Refunds

(27)

Net

(28)

Gross

(29)

Refunds

(30)

 Net

 (31)

 Gross

 (32)

 Refunds

 (33)

 Net

 (34)

2000................................ 652,851 9,784 46 9,739 518 - 518 35,987 1,014 34,973 24,357 721 23,636

2001................................ 693,967 9,244 53 9,191 522 - 522 32,464 995 31,469 26,009 960 25,049

2002................................ 700,761 9,090 60 9,030 567 - 567 33,682 1,079 32,603 25,833 1,044 24,789

2003................................ 712,979 8,729 44 8,684 506 - 506 34,756 1,032 33,724 25,499 891 24,608

2004................................ 733,408 9,230 56 9,174 566 - 566 35,721 1,014 34,707 26,260 856 25,404

2004 - Est................................ 731,235 9,745 - 9,745 545 - 545 34,923 - 34,923 24,514 - 24,514

2005 - Est................................ 795,000 10,294 10,294 559 - 559 36,876 - 36,876 24,926 - 24,926

2003 - Sept................................ 58,056 1,370 10 1,361 80 - 80 5,777 165 5,612 451 74 377

Oct................................ 51,734 123 - 123 7 - 7 470 - 470 4,067 34 4,032

Nov ................................ 56,504 838 - 838 49 - 49 3,366 - 3,366 1,676 84 1,593

Dec ................................ 53,623 794 - 794 43 - 43 3,011 - 3,011 2,126 98 2,029

2004 - Jan................................ 68,211 731 - 731 43 - 43 2,934 - 2,934 1,751 35 1,716

Feb................................ 56,007 719 26 693 41 - 41 2,782 323 2,459 2,000 92 1,908

Mar................................ 58,065 679 - 679 47 - 47 2,804 - 2,804 2,232 92 2,140

Apr................................ 80,847 792 - 792 46 - 46 3,057 - 3,058 2,046 63 1,983

May ................................ 68,408 753 16 737 46 - 46 2,917 261 2,656 2,079 48 2,032

June................................ 62,486 706 - 706 50 - 50 2,056 - 2,056 3,487 106 3,381

July ................................ 55,953 802 - 802 49 - 49 3,113 - 3,113 2,173 60 2,113

Aug................................ 60,239 805 7 799 49 - 49 3,083 267 2,815 2,326 73 2,253

Sept ................................ 61,330 1,489 7 1,482 96 - 96 6,128 163 5,965 295 71 225

Fiscal year 2004................................ 733,408 9,230 56 9,174 566 - 566 35,721 1,014 34,707 26,260 856 25,404
18 FEDERAL FISCAL OPERATIONS

TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Fiscal year

or month

Legislative

branch

(1)

Judicial

branch

(2)

Department of

Agriculture

(3)

Department of 

Commerce

(4)

Department of

Defense, 

military

(5)

Department of

Education

(6)

Department of

Energy

(7)

Department of 

Health 

and

Human 

Services

(8)

Department of 

Homeland

Security 1

(9)

Department of

Housing 

and 

Urban

Development

(10)

Department of

the

Interior

(11)

Department 

of

Justice

(12)

 Depart-

 ment of

 Labor

 (13)

2000................................ 2,913 4,086 75,658 7,929 281,234 33,309 15,010 382,627 12,365 30,829 8,022 17,377 31,876

2001................................ 3,030 4,408 r 73,064 5,017 r 290,615 35,724 16,420 426,391 14,086 33,937 7,876 18,868 39,757

2002................................ 3,243 4,823 68,989 5,322 332,116 46,286 17,772 466,104 15,980 31,880 9,741 20,408 64,703

2003................................ 3,420 5,123 72,467 5,680 388,891 57,400 19,385 505,410 31,843 37,470 9,204 21,775 69,592

2004................................ 3,880 5,396 71,714 5,853 437,111 62,814 19,974 543,215 26,665 45,024 9,065 28,950 56,784

2004 - Est................................ 4,269 5,358 75,526 6,194 434,087 65,498 20,617 551,730 30,703 46,297 9,716 26,031 56,713

2005 - Est................................ 4,376 5,906 78,719 6,147 448,000 67,063 22,528 582,913 31,115 39,359 9,353 22,966 52,899

2003 - Sept................................ 315 434 5,480 689 33,330 6,520 1,384 39,731 3,608 2,555 1,233 2,332 5,322

Oct................................ 405 478 11,276 419 37,759 4,570 2,166 48,572 2,381 3,347 428 2,178 5,505

Nov ................................ 290 384 7,353 479 29,239 3,881 1,332 35,965 2,094 2,886 662 1,836 4,587

Dec ................................ 331 437 8,188 498 40,716 5,134 1,871 50,878 2,144 3,337 835 1,971 6,166

2004 - Jan................................ 291 512 6,689 359 35,929 7,460 1,376 42,526 1,985 3,062 568 1,918 6,186

Feb................................ 283 435 5,020 439 30,590 5,767 1,219 38,395 1,942 2,641 507 1,930 4,484

Mar................................ 314 428 6,112 606 38,734 4,553 1,501 50,068 2,404 3,342 1,058 2,527 5,269

Apr................................ 309 478 4,281 411 40,731 4,484 2,493 50,117 2,214 3,074 630 2,080 4,852

May ................................ 283 381 3,252 451 31,484 4,413 1,385 40,130 1,686 10,077 595 2,637 4,283

June................................ 317 457 4,677 474 37,116 5,154 1,869 50,444 2,620 3,962 952 3,420 4,310

July ................................ 329 545 4,472 481 42,126 4,928 1,678 47,136 2,086 3,165 837 4,221 3,978

Aug ................................ 309 410 5,198 599 33,805 4,532 1,017 42,866 2,434 2,960 1,032 2,234 3,978

Sept................................ 420 451 5,194 637 38,883 7,938 2,068 46,118 2,676 3,171 962 1,999 3,187

Fiscal year 2004................................ 3,880 5,396 71,714 5,853 437,111 62,814 19,974 543,215 26,665 45,024 9,065 28,950 56,784

Fiscal year

or month

Department of

State

(14)

Department of 

Transportation

 (15)

Department

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross)

(16)

Department 

of the 

Treasury, 

other

(17)

Department 

of

Veterans 

Affairs

(18)

Corps of 

Engineers

(19)

Other 

Defense, 

civil 

programs

(20)

Environmental 

Protection 

Agency

(21)

Executive 

Office

 of the 

President

(22)

Federal 

Emergency 

Management 

Agency

(23)

General 

Services 

Administration

(24)

International 

Assistance 

Program

(25)

2000................................ 6,849 41,592 361,998 26,574 47,087 4,334 32,861 7,240 249 - 25 12,084

2001................................ 7,446 49,372 359,508 27,416 45,043 4,726 34,161 7,390 246 - -8 11,771

2002................................ 9,453 56,112 332,537 38,021 50,881 4,798 35,158 7,450 453 - -271 13,309

2003................................ 9,257 50,808 318,149 48,374 56,892 4,749 39,881 8,065 388 - 323 13,466

2004................................ 10,947 54,539 321,566 53,231 59,550 4,842 41,754 8,335 3,309 - -403 13,788

2004 - Est................................ 11,301 58,010 320,965 53,799 59,372 4,308 41,881 8,379 2,739 - 778 16,476

2005 - Est................................ 11,109 58,959 350,576 49,120 66,883 4,193 42,350 8,283 9,327 - 581 17,486

2003 - Sept................................ 557 6,040 13,170 7,357 2,722 414 3,344 802 74 - -73 -462

Oct................................ 1,234 4,814 13,312 6,071 7,065 655 3,656 600 37 - 17 1,067

Nov ................................ 987 3,759 19,292 1,985 2,514 382 3,265 704 182 - -181 867

Dec ................................ 876 4,480 82,436 2,777 7,173 417 3,704 810 108 - 72 225

2004 - Jan................................ 613 3,435 13,004 4,216 5,432 337 3,366 594 278 - -120 962

Feb................................ 717 3,632 15,151 23,500 2,926 338 3,400 637 100 - -122 4,280

Mar................................ 1,118 3,956 14,097 9,877 3,143 267 3,850 829 61 - 130 1,249

Apr................................ 896 3,890 12,755 5,160 7,508 443 3,505 649 153 - 359 1,561

May ................................ 844 4,484 20,433 3,119 2,661 318 3,312 622 224 - -233 396

June................................ 889 4,663 84,469 696 5,091 263 3,604 705 201 - -42 1,746

July ................................ 753 5,872 15,098 1,399 8,012 509 3,397 734 322 - -158 1,205

Aug................................ 826 5,276 18,989 1,705 3,046 386 3,198 743 511 - -185 246

Sept ................................ 1,194 6,277 12,532 -7,274 4,980 524 3,497 707 451 - 59 667

 Fiscal year 2004................................ 10,947 54,539 321,566 53,231 59,550 4,842 41,754 8,335 3,309 - -403 13,788

See footnote at end of table.
FEDERAL FISCAL OPERATIONS 19

TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency, con.

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Undistributed offsetting receipts

Total outlays

Fiscal year

or month

National 

Aeronautics 

and

Space

Administration

(26)

National 

Science 

Foundation

(27)

Office of

Personnel 

Management

(28)

Small 

Business 

Administration

(29)

Social 

Security 

Administration

(30)

Independent 

agencies

 (31)

Employer 

share, 

employee 

retirement

(32)

Interest 

received 

by trust 

funds

(33)

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands

(34)

Other

(35)

Onbudget 

(36)

Offbudget

(37)

2000................................ 13,443 3,487 48,660 -422 441,289 10,879 -37,851 -129,088 -4,580 -1,502 1,457,678 330,765

2001................................ 14,094 3,691 50,916 -569 461,261 13,449 -38,792 -144,112 -7,194 -1,025 r 1,516,964 346,002

2002................................ 14,429 4,187 52,512 492 488,242 15,854 -42,782 -153,316 -5,024 -2 1,655,199 355,663

2003................................ 14,552 4,735 54,135 1,559 507,734 6,098 -49,351 -156,111 -5,029 * 1,793,324 363,010

2004................................ 15,186 5,118 56,535 4,077 530,206 5,847 -53,430 -153,984 -5,105 * 1,912,841 379,512

2004 - Est................................ 14,604 5,346 57,329 4,044 531,387 9,874 -53,990 -154,467 -5,778 * 1,940,541 378,555

2005 - Est................................ 16,374 5,586 61,325 683 557,886 16,984 -57,274 -162,152 -6,110 -100 2,025,421 397,225

2003 - Sept................................ 1,613 461 4,598 50 40,013 1,715 -4,387 -142 -736 * 125,697 39,620

Oct................................ 878 410 4,878 59 45,360 430 -4,367 -30 -262 * 171,636 33,734

Nov ................................ 1,191 389 4,341 82 39,685 -421 -4,184 -4,462 -185 * 122,989 38,189

Dec ................................ 1,378 381 4,907 68 46,021 732 -4,114 -70,011 -577 - r 207,954 -3,584

2004 - Jan................................ 913 373 4,546 48 43,406 913 -4,610 79 -92 * r 149,707 36,845

Feb................................ 1,151 401 4,344 72 41,157 -680 -4,173 -1,491 -284 - r 148,964 39,744

Mar................................ 1,529 394 4,921 3,465 43,971 593 -4,512 -20 -719 - r 165,431 39,681

Apr................................ 1,207 379 4,898 51 47,221 1,058 -4,763 -13 -613 * r 166,198 36,259

May ................................ 1,353 368 4,577 58 42,157 1,651 -4,907 -4,480 -98 * r 138,570 39,342

June................................ 1,284 492 5,258 -10 48,029 -1,109 -4,521 -71,298 -939 * 195,259 -17

July ................................ 1,117 468 4,775 64 46,884 1,803 -4,485 -64 -111 - 166,630 36,944

Aug................................ 1,248 571 4,340 59 41,984 2,035 -4,538 -2,194 -755 - 137,465 41,400

Sept ................................ 1,938 493 4,751 61 44,331 -1,155 -4,257 3 -469 * 142,035 40,973

Fiscal year 2004 ................................ 15,186 5,118 56,535 4,077 530,206 5,847 -53,430 -153,984 -5,105 * 1,912,841 379,512

1 The Department of Homeland Security was established on March 1, 2003, pursuant to 

Public Law 107-296, the Homeland Security Act of 2002, which was enacted on November 

25, 2002. Activity previously reported as the Immigration and Naturalization Service, 

Department of Justice; the Transportation Security Administration, Department of 

Transportation; the Coast Guard, Department of Transportation; the Federal Law 

Enforcement Training Center, Department of the Treasury; the United States Customs 

Service, Department of the Treasury; the United States Secret Service, Department of the 

Treasury; and the Federal Emergency Management Agency is now included in the 

Department of Homeland Security.

* Less than $500,000.

Note.—These figures are based on the Mid-Session Review of the Fiscal Year 2005 

Budget, released by the Office of Management and Budget on July 30, 2004. Detail may 

not add to totals due to rounding.
20 FEDERAL FISCAL OPERATIONS

TABLE FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency, 

September 2004 and Other Periods

[In millions of dollars. Source: Financial Management Service]

This fiscal year to date Prior fiscal year to date

Classification

General

funds

(1)

Management, 

consolidated, 

revolving and 

special funds

(2)

Trust

funds

(3)

 Total

 funds

 (4)

 General

 funds

 (5)

Management, 

consolidated, 

revolving and 

special funds

(6)

Trust

funds

(7)

Total

funds

(8)

Budget receipts:

Individual income taxes ..........................................808,902 56 - 808,958 793,643 55 - 793,699

Corporation income taxes .......................................189,369 - * 189,370 131,877 - -99 131,778

Social insurance and retirement receipts:

Employment and general retirement (off-budget) ....... - - 534,744 534,744 - - 523,842 523,842

Employment and general retirement (on-budget) ....... - - 154,615 154,615 - - 151,139 151,139

Unemployment insurance................................ - - 39,453 39,453 - - 33,366 33,366

Other retirement................................................ - - 4,596 4,596 - - 4,631 4,631

Excise taxes ........................................................ 23,990 576 45,285 69,851 23,212 592 43,718 67,522

Estate and gift taxes .............................................. 24,831 - - 24,831 21,959 - - 21,959

Customs duties..................................................... 13,818 6,325 940 21,083 12,959 6,080 823 19,862

Miscellaneous receipts........................................... 21,674 9,890 736 32,299 23,361 10,275 674 34,309

Total receipts................................................. 1,082,584 16,847 780,369 1,879,799 1,007,011 17,003 758,094 1,782,108

(On-budget) ............................................... 1,082,584 16,847 245,625 1,345,055 1,007,011 17,003 234,252 1,258,265

(Off-budget) ............................................... - - 534,744 534,744 - - 523,842 523,842

Budget outlays:

Legislative branch................................................. 3,716 162 2 3,880 3,308 90 22 3,420

Judicial branch..................................................... 5,166 217 13 5,396 4,854 265 5 5,123

Department of Agriculture....................................... 61,949 9,868 -103 71,714 56,117 16,463 -97 72,483

Department of Commerce....................................... 5,906 -54 2 5,853 5,740 -62 2 5,680

Department of Defense-military ................................434,663 2,363 86 437,111 389,129 -290 52 388,891

Department of Education........................................ 62,982 -169 * 62,814 57,370 30 * 57,400

Department of Energy ............................................ 22,074 -2,100 * 19,974 21,602 -2,218 * 19,385

Department of Health and Human Services.................378,023 -77 165,270 543,215 345,703 -72 159,779 505,410

Department of Homeland Security ............................. 28,293 -1,834 206 26,665 33,805 -2,186 224 31,843

Department of Housing and Urban Development.......... 45,682 -659 * 45,024 37,748 -275 -3 37,470

Department of the Interior ....................................... 10,000 -1,289 354 9,065 9,888 -1,006 322 9,204

Department of Justice............................................ 27,449 1,275 227 28,950 20,357 1,047 371 21,775

Department of Labor.............................................. 10,986 -92 45,890 56,784 10,993 295 58,304 69,592

Department of State............................................... 10,434 85 428 10,947 8,933 -88 412 9,257

Department of Transportation................................ 6,479 -241 48,302 54,539 3,304 -150 47,654 50,808

Department of the Treasury:

Interest on the public debt................................ 321,566 - - 321,566 318,149 - - 318,149

Other.............................................................. 54,010 -724 -55 53,231 47,077 1,339 -42 48,374

Department of Veterans Affairs................................ 60,438 -1,917 1,029 59,550 57,759 -1,868 1,001 56,892

Corps of Engineers................................................ 4,036 56 750 4,842 4,205 -135 679 4,749

Other defense civil programs ................................ 34,533 -11,757 18,978 41,754 32,379 -10,253 17,755 39,881

Environmental Protection Agency.............................. 8,137 -24 222 8,335 7,317 -11 758 8,065

Executive Office of the President.............................. 3,308 * - 3,309 388 * * 388

General Services Administration............................... 183 -586 - -403 831 -508 * 323

International Assistance Program.............................. 16,260 -1,239 -1,233 13,788 15,035 -1,717 149 13,466

National Aeronautics and Space Administration............ 15,185 - 1 15,186 14,551 - 1 14,552

National Science Foundation................................ 5,028 39 52 5,118 4,677 35 23 4,735

Office of Personnel Management.............................. 33,302 32 23,201 56,535 28,609 27 25,497 54,134

Small Business Administration ................................ 4,131 -53 * 4,077 1,703 -145 * 1,559

Social Security Administration................................ 49,019 -13 481,200 530,206 46,330 4 461,401 507,734

Other independent agencies ................................ 7,887 -4,699 2,658 5,847 4,883 978 3,088 8,949

Undistributed offsetting receipts:

Interest............................................................ - - -153,984 -153,984 - - -156,066 -156,066

Other.............................................................. -4,058 -9,187 -45,291 -58,536 -3,981 -9,249 -41,150 -54,380

Total outlays.................................................. 1,726,766 -22,619 588,206 2,292,352 1,588,760 -9,657 580,143 2,159,246

(On-budget) ............................................... 1,726,766 -18,490 204,565 1,912,841 1,588,760 -4,411 211,888 1,796,237

(Off-budget) ............................................... - -4,130 383,641 379,512 - -5,245 368,255 363,010

Surplus or deficit (-).........................................-644,182 39,466 192,163 -412,553 -581,750 26,659 177,952 -377,139

(On-budget) ...............................................-644,182 35,337 41,060 -567,786 -581,750 21,414 22,364 -537,972

(Off-budget) ............................................... - 4,130 151,103 155,233 - 5,245 155,587 160,833

- No transactions.

* Less than $500,000.

Note.—Detail may not add to totals due to rounding.
FEDERAL FISCAL OPERATIONS 21

 TABLE FFO-5.—Internal Revenue Receipts by State, 2004

[In thousands of dollars. Source: Internal Revenue Service]

Individual income and employment taxes

State

 Grand 

 total

 (1)

Total individual

income and

employment

taxes 

(2)

Income tax

not withheld

and SECA 1, 2

(3)

Income tax

withheld 

 and FICA 1

(4)

Railroad

retirement

(5)

Unemployment

insurance

(6)

Corporation

income

taxes 3

(7)

Estate

tax

(8)

Gift

tax

(9)

Excise

tax

(10)

Alabama................................................................ 18,489,339 16,205,117 2,855,521 13,269,801 2,272 77,524 1,931,414 207,760 8,053 136,995

Alaska................................................................ 3,267,127 3,077,947 641,820 2,422,353 1,530 12,244 124,599 9,489 2 55,091

Arizona................................................................ 25,344,852 22,687,926 4,361,468 18,207,241 718 118,498 1,894,886 262,604 -5,254 504,691

Arkansas................................................................ 20,576,284 14,657,385 1,603,414 12,955,665 1,954 96,352 5,204,945 120,036 20,247 573,670

California................................................................ 237,931,491 202,345,010 44,294,401 157,258,006 6,537 786,065 28,252,413 4,057,881 216,059 3,060,128

Colorado................................................................ 34,660,999 30,621,321 5,009,197 25,496,795 8,487 106,843 2,131,191 337,041 5,659 1,565,787 

Connecticut................................................................ 41,909,468 32,560,865 6,579,759 25,892,195 1,018 87,893 8,107,681 606,266 42,085 592,572 

Delaware................................................................ 11,151,222 7,086,221 942,005 6,122,824 344 21,049 3,922,315 75,554 4,246 62,886 

District of Columbia................................ 16,930,784 14,296,490 1,074,375 12,830,588 371,033 20,493 2,322,763 115,551 19,899 176,080 

Florida................................................................ 94,277,725 86,738,693 20,838,741 64,888,376 639,996 371,579 4,447,784 1,855,674 146,795 1,088,779 

Georgia................................................................ 59,083,748 46,401,995 6,638,419 39,531,694 3,026 228,856 9,195,080 533,751 20,536 2,932,387 

Hawaii................................................................ 8,394,777 7,746,147 1,227,918 6,497,866 - 20,363 460,777 77,875 2,853 107,125

Idaho................................................................ 6,479,611 6,134,461 949,646 5,144,651 666 39,498 261,352 53,509 6,735 23,554

Illinois ................................................................ 108,476,636 86,357,840 13,791,315 72,030,743 213,045 322,737 17,581,098 1,026,176 45,038 3,466,484

Indiana................................................................ 32,192,435 29,079,537 4,057,464 24,885,972 20,008 116,093 2,270,997 317,336 19,230 505,334

Iowa................................................................ 14,543,095 12,661,060 1,923,959 10,679,903 2,125 55,073 1,626,888 134,009 2,953 118,185

Kansas................................................................ 15,897,378 12,954,523 2,094,181 10,798,215 - 62,126 1,036,076 151,078 9,337 1,746,363

Kentucky................................................................ 17,515,169 15,849,995 2,332,593 13,436,707 6,012 74,683 1,217,679 209,875 7,169 230,451

Louisiana................................................................ 20,340,779 19,133,840 2,974,185 16,085,996 3,455 70,204 854,664 206,612 14,068 131,595

Maine ................................................................ 5,486,728 4,927,343 991,733 3,908,590 4,384 22,636 326,757 104,645 1,174 126,809

Maryland ................................................................ 40,893,427 37,772,869 6,057,795 31,577,471 12,963 124,640 2,361,572 553,084 20,946 184,956

Massachusetts................................................................ 59,060,000 53,699,352 9,415,858 44,070,312 48,918 164,264 3,955,703 901,152 34,859 468,935

Michigan................................................................ 63,744,637 58,754,149 6,622,713 51,877,819 20,602 233,015 4,163,750 539,045 52,261 235,432

Minnesota................................................................ 58,068,156 48,050,665 4,878,060 42,932,814 64,655 175,136 8,485,882 268,836 41,521 1,221,252

Mississippi................................................................ 8,951,397 8,005,741 1,506,598 6,454,819 1,410 42,915 583,703 104,666 6,275 251,011

Missouri................................................................ 38,326,485 32,579,102 4,109,759 28,275,810 55,167 138,366 4,124,336 412,507 34,962 1,175,578

Montana................................................................ 3,134,044 2,939,876 719,875 2,189,801 15,623 14,577 120,677 31,182 496 41,812

Nebraska................................................................ 14,392,629 10,036,235 1,373,924 7,633,132 988,636 40,544 4,124,398 119,801 3,085 109,110

Nevada................................................................ 13,293,706 11,142,062 3,269,668 7,823,859 79 48,456 1,767,895 281,264 32,262 70,223

New Hampshire................................ 7,183,339 6,695,993 1,337,777 5,333,205 159 24,851 355,208 61,729 2,746 67,663

New Jersey................................................................ 91,082,077 77,076,938 11,053,068 65,667,115 110,145 246,609 11,535,032 778,578 73,388 1,618,142

New Mexico................................................................ 6,050,390 5,740,363 1,156,818 4,556,709 246 26,590 171,491 47,369 1,477 89,691

New York ................................................................ 171,948,716 147,210,379 25,139,914 121,392,433 285,661 392,371 20,399,783 2,871,341 186,703 1,280,509

North Carolina................................................................ 53,979,373 41,910,144 5,631,161 36,085,174 4,494 189,314 11,251,342 544,311 23,813 249,763

North Dakota................................................................ 2,825,077 2,603,011 495,155 2,093,671 2,780 11,406 158,334 12,107 232 51,393

Ohio................................................................ 87,853,784 73,909,457 7,690,5 28 65,910,314 20,695 287,920 9,912,042 817,697 31,935 3,182,653

Oklahoma ................................................................ 20,418,765 12,843,853 2,604,992 10,174,152 1,426 63,284 2,303,842 315,046 3,794 4,952,230

Oregon................................................................ 18,880,258 17,140,695 2,883,684 14,179,282 1,306 76,423 1,262,025 244,949 -7,311 239,899

Pennsylvania................................................................ 87,841,245 76,223,055 10,369,900 65,484,750 74,433 293,973 8,741,526 905,550 74,770 1,896,344

Rhode Island................................................................ 8,544,847 6,949,536 1,028,644 5,891,379 6 29,507 1,493,266 91,315 3,847

South Carolina................................ 15,357,129 14,179,633 2,396,086 11,711,595 1,587 70,365 839,709 183,116 2,757

6,883

151,914

South Dakota................................................................ 3,561,912 3,048,862 824,111 2,197,160 15,138 12,453 174,084 315,046 2,296 21,624

Tennessee................................................................ 36,753,810 32,601,321 4,256,442 28,182,375 2,037 160,467 3,292,517 244,949 11,981 603,042

Texas................................................................ 152,487,181 118,410,514 20,292,504 96,931,332 672,956 513,722 17,127,574 905,550 104,214 15,939,329

Utah................................................................9,616,502 8,677,321 1,589,270 7,040,164 2,242 45,645 648,792 91,315 2,043 197,031

Vermont................................................................ 3,198,201 2,767,214 539,877 2,213,628 1,823 11,886 226,227 183,116 2,023 19,620

Virginia................................................................ 47,016,582 41,381,186 7,361,496 33,318,228 540,894 160,567 4,895,573 603,694 24,876 111,253

Washington................................................................ 42,167,997 35,247,916 6,531,560 28,576,916 4,432 135,007 5,544,468 515,919 36,297 823,398

West Virginia................................................................ 5,226,420 4,818,131 784,599 4,013,765 464 19,302 249,566 63,725 3,099 91,899

Wisconsin................................................................ 34,711,183 30,394,876 4,464,179 25,794,265 4,204 132,227 3,727,712 267,919 36,723 283,954

Wyoming................................................................ 2,933,993 2,357,056 875,184 1,472,002 320 9,550 108,409 26,394 7,215 434,919

International:

Puerto Rico................................................................ 4,574,657 3,485,674 268,678 3,175,122 -1 41,875 1,085,543 3,018 45 377 

Other................................................................ 7,189,944 5,225,243 2,582,930 2,620,047 14,775 7,491 1,443,868 111,855 6,806 402,173 

Collections not classified by State:

Presidential Election Campaign

Fund 4 ................................................................55,949 55,949 - 55,949 - - - - - -

Other, including Federal Tax 

Deposits 5................................................................

4,441,964 2,093,917 -847,373 2,714,320 164,470 62,500 812,152 407,649 - 1,128,246

Total, Internal Revenue 

Receipts ................................................................

2,018,502,103 1,707,496,056 284,447,548 1,411,909,121 4,421,359 6,718,028 230,619,359 24,130,143 1,449,319 54,807,225

1

 Collections of individual income tax (withheld and not withheld) include old- age, survivors, 

disability, and hospital insurance (OASHDHI) taxes on salaries and wages (FICA) and selfemployment income (SECA). 

2

 Includes fiduciary income tax collections of $10.7 billion.

3

 Includes taxes of $347.1 million on unrelated business income of exempt organizations 

(Forms 990T).

4

 Designations by taxpayers of a portion of their taxes to the Presidential Election Campaign 

Fund also are included even though they are not collections, as such, because they do not 

affect taxpayer liability. Transfer of amounts to this fund was made on a national basis only 

and had no effect on regional and/or district office collection data.

5

 Includes tax payments made to banks under the Federal Tax Deposit (FTD) system 

that had not been classified by IRS district/region as of the end of the fiscal year 

because they had not yet been applied to taxpayers accounts. Also, includes credits 

allowable on income tax returns for certain gasoline, diesel fuel, and special motor fuel 

tax payments and for excess payments under the Federal Insurance Contributions Act 

or FICA.

Note.—Detail may not add to totals due to rounding. Amounts reflect adjustments 

made to data reported in prior years. Negative figures are displayed when prior year 

adjustments exceed current year receipts.
22 FEDERAL FISCAL OPERATIONS

TABLE FFO-6.—Customs Collection of Duties, Taxes, and Fees by Districts and Ports

[Source: U. S. Customs Service]

District and Port

of Collection

 Collection

 Fiscal Year

 2004

District and Port

of Collection

 Collection

 Fiscal Year

 2004

District and Port

of Collection

 Collection

 Fiscal Year

 2004

Headquarters:

National Finance Center.............$1,349,888,390.40

Portland, Maine:

Port of Portland, ME.................. 44,371,087.73

Port of Bangor, ME.................... -275,569.81

Port of Eastport, ME.................. 61,014.70

Port of Jackman, ME................. 5,289,696.43

Port of Vanceboro, ME............... 5,608,628.98

Port of Houlton, ME................... 12,624,576.19

Port of Fort Fairfield, ME............. 52,205.82

Port of Van Buren, ME............... 1,836,888.58

Port of Madawaska, ME............. 70,078.10

Port of Fort Kent, ME................. 75,138.25

Port of Bath, ME....................... -

Port of Bar Harbor, ME............... 51.35

Port of Calais, ME..................... 9,089,219.23

Port of Limestone, ME............... 3,260.02

Port of Rockland, ME................. -

Port of Jonesport, ME................ -

Port of Bridgewater, ME............. 14,107.90

Port of Portsmouth, NH.............. 1,959,942.74

Port of Belfast, ME.................... 1,191,179.78

Port of Searsport, ME................ -

Manchester, NH User Fee Airport.... 114,877.25

Total, District........................ 82,086,383.24

St. Albans, Vermont:

Port of St. Albans, VT ................ 699,779.96

Port of Richford, VT................... 92,253.92

Port of Beecher Falls, VT............ 1,283,956.23

Port of Burlington, VT ................ 84,282.47

Port of Derbyline, VT ................. 20,155,576.59

Port of Norton, VT..................... 18,407,503.84

Port of Highgate Springs/Alburg, VT... 57,709,057.09

Total, District........................ 98,432,410.10

Boston, Massachusetts:

Port of Boston, MA.................... 229,937,890.02

Port of Springfield, MA............... 23,988.04

Port of Worchester, MA.............. 85,353,401.53

Port of Glouchester, MA............. 15,249.91

Port of New Bedford, MA............ 798,364.79

Port of Plymouth, MA................. -

Port of Fall River, MA................. -

Port of Salem, MA..................... 2,117,805.78

Port of Provincetown, MA........... -

Port of Bridgeport, CT................ 3,353,212.96

Port of Hartford, CT................... 9,436,250.03

Port of New Haven, CT .............. 12,363,248.71

Port of New London, CT............. 4,170,134.24

Port of Lawrence, MA................ 69,142.06

Hanscom Field User Fee Airport... 181,731.79 

Logan Airport........................... 98,910,670.61

Total, District........................ 446,731,090.47

Providence, Rhode Island:

Port of Providence, RI................ 67,827,637.48

Port of Newport, RI.................... 76,346.45

Total, District........................ 67,903,983.93

Ogdensburg, New York:

Port of Ogdensburg, NY............. 10,482,185.09

Port of Massena, NY................. 3,247,128.75

Port of St. Vincent, NY.............. -

Port of Alexandria Bay, NY......... 26,687,615.45

Port of Champlain-Rouses 

 Point, NY.............................. 128,998,835.06

Port of Clayton, NY................... -

Port of Trout River, NY............ 48,831,893.21

Total, District........................ 218,247,657.56

Buffalo, New York:

Port of Buffalo, NY.................... 277,511,658.66

Port of Rochester, NY............... 12,965,187.66

Port of Oswego, NY.................. 60,802.68

Port of Syracuse, NY................ 7,735,958.37

Port of Utica, NY...................... -

Binghampton User Fee Airport.... 100,475.23

Total District........................ 298,374,082.60

New York, New York:

Emery Worldwide..................... 1,395.77

Port of New York, NY................ 304,623,724.57

Port of Albany, NY.................... 5,593,304.22

Port of JFK Airport.................... 1,266,165,842.34

Federal Express Corp (JFK)....... 10,928.77

NYACC, Jamaica, NY............... 610,374.84

DHL Airways, Jamaica, NY......... 9,595,946.15

TNT Skypak (JFK).................... 1,089,763.50

Port of Perth Amboy, NJ ............ 17,439,880.56

UPS, Newark, NJ..................... 14,329,893.24

Federal Express Corp (Newark)... 17,336,384.90

Morristown, NJ User Fee Airport.. 147,943.01

Port of Newark, NJ ................... 3,636,135,724.82

Total, District........................ 5,273,081,106.69

Philadelphia, Pennsylvania:

Port of Philadelphia, PA............. 298,139,660.09

Port of Chester, PA................... 61,755,756.25

Port of Wilmington, DE.............. 47,961,606.49

Port of Pittsburgh, PA................ 47,936,686.01

Port of Paulsboro, NJ................ -

Port of Wilkes Barre/Scranton, PA... 981,848.07

Port of Camden, NJ.................. -

Philadelphia International Airport.. 37,554,286.23

Port of Harrisburg, PA............... 14,768,627.66

Port of Allentown, PA................ 7,426,302.40

Port of Lehigh Valley, PA........... -

Atlantic City, NJ User Fee Airport. 109,384.98

Trenton/Mercer User Fee Airport.. 117,254.83

UPS (Philadelphia, PA).............. 34,062,629.88

Total, District........................ 550,814,042.89

Baltimore, Maryland:

Port of Annapolis, MD................ -

Port of Cambridge, MD.............. -

Port of Baltimore, MD................ 558,359,106.58

Port of Crisfield, MD.................. -

BWI Airport............................. 13,695,381.43

Total, District........................ 572,054, 488.01

Norfolk, Virginia:

Port of Newport News, VA.......... 39,268,637.58

Port of Norfolk, VA.................... 475,397,538.64

Port of Richmond-Petersburg, VA... 38,741,383.14

Port of Charleston, WV.............. 10,946,617.72

Port of Front Royal, VA.............. 22,515.01

New River Valley User Fee Airport... 7,597,827.27

Total, District........................ 571,974,519.36

Charlotte, North Carolina:

Port of Wilmington, NC .............. 29,227,037.85

Port of Winston Salem, NC......... 26,809,354.29

Port of Durham, NC .................. 17,552,649.10

Port of Beaufort-Morehead, NC.... 901,883.06

Port of Charlotte, NC................. 203,437,115.73

Total, District........................ 277,928,040.03

Charleston, South Carolina:

Port of Charleston, SC............... 795,738,143.02

Port of Georgetown, SC ............. 289,699.35

Port of Greenville-

 Spartanburg, SC..................... 92,445,285.00

Port of Columbia, SC................. 15,110,962.68

Myrtle Beach User Fee Airport..... 98,373.87

Total, District........................ 903,682,463.92

Savannah, Georgia:

Port of Brunswick, GA............... 113,619,403.05

Port of Savannah, GA................ 366,534,863.16

Port of Atlanta, GA.................... 478,041,546.68 

Total, District........................ 958,195,812.89

Tampa, Florida:

Port of Tallahassee, FL.............. 15,000.00

Port of Tampa, FL.................... 80,239,536.37

Port of Jacksonville, FL.............. 271,655,448.49

Port of Fernandina, FL............... 347,648.48

Port of Orlando, FL................... 12,635,200.08

Sanford Regional Airport............ 38,488.44

Port of St. Petersburg, FL........... 53,633.76

Port of Port Canaveral, FL.......... 4,901,673.08

Port of Panama City, FL............. 12,236,238.62

Port of Pensacola, FL................ 57,809.21

Port of Manatee, FL.................. 10,609,960.58

Sarasota, FL User Fee Airport..... 153,015.70

Daytona Beach, FL User Fee

 Airport.................................. 124,958.03

Melbourne, FL User Fee Airport... 179,696.45

Ocala, FL User Fee Airport......... 259,930.13

Ft. Myers, FL........................... 2,145,904.93

Total, District...................... 395,654,142.35
FEDERAL FISCAL OPERATIONS 23

TABLE FFO-6.—Customs Collection of Duties, Taxes, and Fees by Districts and Ports, con.

[Source: U. S. Customs Service]

District and Port

of Collection

 Collection

 Fiscal Year

 2004

District and Port

of Collection

 Collection

 Fiscal Year

 2004

District and Port

of Collection

 Collection

 Fiscal Year

 2004

Mobile, Alabama:

Port of Mobile, AL..................... 31,825,373.83

Port of Gulfport, MS................... 32,034,680.70

Port of Pascagoula, MS.............. 1,080,711.45 

Port of Birmingham, AL .............. 11,615,290.47

Port of Huntsville, AL................. 34,626,027.91

Total, District........................ 111,182,084.36

New Orleans, Louisiana:

Rogers User Fee Airport, AK ....... 5,065.98

Port of Greenville, MS................ -

Port of Morgan City, LA.............. 3,706,031.06

Port of New Orleans, LA............. 171,456,575.23

Port of Little Rock, AK................ 40,264,513.11

Port of Baton Rouge, LA............. 15,808,870.14

Port of Memphis, TN.................. 358,544,965.33

Port of Avondale, LA.................. -

Port of Nashville, TN.................. 87,832,132.70

Port of Chattanooga, TN............. 4,649,259.38

Port of Gramercy, LA................. 17,882,947.99

Port of Vicksburg, MS................ 12,067,947.70

Port of Knoxville, TN.................. 37,885,391.95

Port of Lake Charles, LA............. 5,415,405.59

Port of Shrevesport/Bossier, LA... 190,484.06

Tri City User Fee Airport............. 2,886,924.10

Federal Express (Memphis, TN)... 108,168,421.25

Total, District........................ 866,764,935.57

Port Arthur, Texas:

Port of Port Arthur, TX............... 33,036,130.91

Port of Sabine, TX.................... -

Port of Orange, TX.................... 8,699.99

Port of Beaumont, TX................ 150,513.31

Total, District........................ 33,195,344.21

Laredo, Texas:

Port of Brownsville, TX............... 25,388,485.56

Port of Del Rio, TX.................... 1,174,641.43

Port of Eagle Pass, TX............... 10,539,746.62

Port of Laredo, TX.................... 252,221,873.04

Port of Hidalgo, TX.................... 45,032,598.49

Port of Rio Grande City, TX......... 310,832.93

San Antonio Cartage, TX............ 1,699.20

Port of Progresso, TX................ 305,529.73

Port of Roma, TX...................... 372,947.93

Total, District........................ 335,348,354.93

El Paso, Texas:

Port of El Paso, TX.................... 116,931,262.43

Port of Presidio, TX................... 441,996.73

Port of Fabens, TX.................... 25,545.99

Port of Columbus, NM................ 327,189.62

Port of Albuquerque, NM............ 2,772,088.24

Port of Santa Teresa, NM........... 2,182,585. 73

Total, District........................ 122,680,668.74

San Diego, California:

Port of San Diego, CA............... 132,051,416.18

Port of Andrade, CA.................. 123,801.80

Port of Calexico, CA................. 82,713.86

Port of San Ysidro, CA.............. 4,012,547.45

Port of Tecate, CA.................... 16,949,785.21

Port of Otay Mesa, CA.............. 61,403,572.20

Port of Calexico East, CA........... 20,255,885.35

Total, District........................ 234,879,722.05

Nogales, Arizona:

Port of Douglas, AZ .................. 3,112,164.29

Port of Lukeville, AZ.................. 91,639.14

Port of Naco, AZ...................... 60,683.90

Port of Nogales, AZ .................. 73,118,412.05

Port of Phoenix, AZ .................. 35,532,692.60

Port of Sasabe, AZ ................... 23,547.50

Port of San Luis, AZ.................. 11,722,650.00

Port of Tucson, AZ ................... 1,285,732.29

Williams Gateway User Fee Airport 144,230. 20

Scottsdale User Fee Airport........ 103,022.90

Total, District........................ 125,194,774.87

Los Angeles, California:

Port of Los Angeles, CA............. 5,450,962,252.00

Port of Los Angeles, CA (alternate)... -

Port of Long Beach, CA............. 11,707.26

Air Cargo Handling Service........ -

Port of Port Hueneme, CA.......... 11,099,698.97

Port of LAX............................. 507,235,197.28

San Bernadino User Fee Airport.. -

Port of Las Vegas, NV............... 14,402,264.94

DHL (LAX).............................. 12,657,654.37

So. California Logistics Airport, CA.. 95,114.38

Virgin Atlantic Cargo (LAX)......... 39,904.17

UPS-Ontario........................... 8,322,045.79

Palm Springs User Fee Airport.... 122,435.36

TNT (LAX).............................. 1,110,417.75

IBC (LAX)............................... 226,086.61

Total, District........................ 6,006,284,778.88

San Francisco, California:

San Francisco Intl. Airport.......... 116,165,875.81

Port of Eureka, CA................... 18,105.62

Port of Fresno, CA.................... 2,078,957.95

Port of Sacramento, CA............. 72.75

Port of San Francisco, CA.......... 647,039,923.68

Port of Oakland, CA.................. 56,223.20

Port of Reno, NV...................... 2,904,644.33

Port of San José, CA................ 271,691.32

DHL (SFO)............................. 3,512,336.15

Aircargo Handling Service.......... 427.01

TNT (SFO)............................. -

IBC (SFO).............................. 38.54

Sacramento User Fee Airport...... 330,742.35

Federal Express (SFO).............. 20,056,594.19

Total, District........................ 792,435,632.90

Columbia-Snake, Oregon:

Port of Astoria, OR.................... 421,889.40

Port of Newport, OR.................. 1,714.00 

Port of Coos Bay, OR ................ 98,434.23

Port of Portland, OR.................. 340,827,659.31

Port of Longview, WA................ 862,543.73

Port of Boise, ID....................... 961,484.78

Port of Vancouver, WA.............. -

Port of Kalama, WA.................. -

Portland International Airport....... -38,862.44

Rogue Valley -Medford User 

 Fee Airport............................ 682.77

Total, District........................ 343,135,545.78

Seattle, Washington:

Port of Seattle, WA................... 479,053,288.75

Port of Tacoma, WA.................. 268,680,690.18

Port of Aberdeen, WA................ 64,910.03

Port of Blaine, WA.................... 238,961,448.66

Port of Bellingham, WA.............. 2,122,920.00

Port of Everett, WA................... 55,206.76

Port of Port Angeles, WA............ 117,817.28

Port of Port Towsend, WA.......... 46,104.43

Port of Sumas, WA................... 98,452,359.32

Port of Anacortes, WA............... 257,663.50

Port of Nighthawk, WA............... 204.20

Port of Danville, WA.................. 1,933,407.87 

Port of Ferry, WA..................... 7,943,407.85

Port of Friday Harbor, WA.......... 164,666.46

Port of Boundry, WA................. 136,340.27

Port of Laurier, WA................... 26,410,274.83

Port of Point Roberts, WA........... 132,590.38

Port of Kenmore Air Harbor, WA.. -

Port of Oroville, WA.................. 14,125,944.91

Port of Frontier, WA.................. 2,403,238.81

Port of Spokane, WA................. 58,670.83

Port of Lynden, WA................... 4,751,586.37

Port of Metaline Falls, WA.......... 4,633,676.26

Port of Olympia, WA.................. 219,480.79

Port of Neah Bay, WA............... -

Seattle-Tacoma Airport.............. 34,246,322.10

DHL (SEATAC)........................ 95,123.11

UPS (SEATAC)........................ 516,417.53

Moses Lake User Fee Airport...... 134,100.02

UPS Courier Hub..................... 455.44

Total, District........................ 1,185,718,316.94

Anchorage, Alaska:

Port of Juneau, AK.................... 53,781.64

Port of Ketchikan, AK................ 163,540.34

Port of Skagway, AK................. 11,798.78

Port of Alcan, AK...................... 248,537.97

Port of Wrangell, AK.................. 7,376.45

Port of Dalton Cache, AK........... 11,972.76

Port of Valdez, AK.................... 13,784.08

Port of Fairbanks, AK................ 28,833.33

Port of Sitka, AK....................... 19,778.11

Port of Anchorage, AK............... 6,284,452.60

Port of Kodiak, AK.................... 273.78

UPS...................................... 21,964,021.19

Federal Express....................... 75,035,688.30

Total, District........................ 103,843,839.33
24 FEDERAL FISCAL OPERATIONS

TABLE FFO-6.—Customs Collection of Duties, Taxes, and Fees by Districts and Ports, con.

[Source: U. S. Customs Service]

District and Port 

of Collection

 Collection

 Fiscal Year

 2004

District and Port

of Collection

Collection

Fiscal Year

2004

District and Port

of Collection

 Collection

 Fiscal Year

 2004

Honolulu, Hawaii:

Port of Honolulu, HI................... 34,779,203.70

Port of Hilo, HI ......................... 90,215.64

Port of Kahului, HI..................... 137,931.30

Port of Nawiliwili-Port Allen, HI..... 11,151.52

Honolulu International Airport....... 12,959,906.61

Port of Kailua-Kona, HI .............. 98,900.74

Total, District........................ 48,077,309.51

Great Falls, Montana:

Port of Kalispell, MT .................. 416.61

Port of Raymond, MT................. 110,059.93

Port of Eastport, ID.................... 57,944,209.27

Port of Salt Lake City, UT........... 35,043,274.93

Port of Great Falls, MT............... 586,144.46

Port of Butte, MT ...................... 5,098.94

Port of Turner, MT..................... 7,554.84

Centennial User Fee Airport........ 166,404.76

Jefferson County User Fee Airport... 106,076.29

Port of Denver, CO.................... 73,225,821.10

Port of Porthill, ID ..................... 3,419,175.92

Port of Scobey, MT ................... 1,871.78

Port of Sweetgrass, MT.............. 25,793,172.86

Port of Whitetail, MT.................. -

Port of Piegan, MT.................... 42,671.11

Port of Ophiem, MT................... 3,862.04

Port of Rooseville, MT................ 15,950,281.41

Port of Morgan, MT ................... 11,836.46

Port of Whitlash, MT.................. 120.00

Port of Del Bonita, MT................ 9,758.90

Wildhorse, MT.......................... 33,233.10

Eagle County User Fee Airport, CO.. 86,726.48

Total, District........................ 212,547,771.19

Pembina, North Dakota:

Port of Pembina, ND.................. 22,998,634.80

Port of Noyes, ND..................... 36,360,624.53

Port of Portal, ND..................... 129,268,590.15

Port of Neche, ND..................... 24,440.26

Port of St. John, ND.................. 6,151.01

Port of Northgate, ND................ 8,252.26

Port of Walhalla, ND.................. 32,132.76

Port of Hannah, ND................... 1,406.00

Port of Sarles, ND..................... 4,333.21

Port of Ambrose, ND................. 120.70

Port of Antler, ND..................... 5,346.46

Port of Sherwood, ND................ 3,935.80

Port of Hansboro, ND................ 2,663.86

Port of Maida, ND..................... 3,386.89

Port of Fortuna, ND................... 8,273.13

Port of Westhope, ND................ 7,617.93

Port of Noonan, ND................... 5,074.62

Port of Carbury, ND................... 4,739.51

Port of Dunseith, ND.................. 414,138.85

Port of Warroad, MN.................. 435,902.97

Port of Baudette, MN................. 74,862.65

Port of Pinecreek, MN................ 2,252.44

Port of Roseau, MN................... 361,464.84

Hector User Fee Airport.............. 57,469. 76

Lancaster, MN ......................... 72,873.12

Grand Forks Airport, ND............. 3,607.57

Total, District........................ 190,168,296.08

Minneapolis, Minnesota:

Port of Minneapolis, MN............. 125,350,305.14

Port of Sioux Falls, SD.............. 891,990.27

Rochester User Fee Airport........ 129,317.25

Total, District........................ 126,371,612.66

Duluth, Minnesota:

Port of Duluth, MN.................... 236,524.36

Port of International Falls/

 Ranier, MN ........................... 313,356,249.73

Port of Superior, WI.................. -

Port of Grand Portage, MN......... 4,614,380.99

Total, District........................ 318,207,155.08

Milwaukee, Wisconsin:

Port of Milwaukee, WI ............... 32,207,658.75

Port of Marinette, WI................. -

Port of Green Bay, WI............... 560,306.08

Port of Manitowoc, WI............... -

Port of Sheboygan, WI .............. -

Port of Racine, WI.................... 490,574.31

Total, District........................ 33,258,539.14

Detroit, Michigan:

Port of Detroit, MI..................... 391,213,828.05

Port of Port Huron, MI............... 181,236,049.51

Port of Sault Sainte Marie, MI...... 40,056,307.37

Port of Saginaw/Bay City/Flint, MI... 147,100.68

Port of Battle Creek, MI............. 13,119,553.91

Port of Grand Rapids, MI........... 20,947,757.99

Port of Escanaba, MI................ -

Port of Marquette, MI................ -

Port of Algonac, MI................... 10,769.00

Port of Muskegon, MI................ -

Port of Rogers City, MI.............. -

Port of Detour, MI..................... -

Port of Mackinac Isle, MI............ -

Port of South Haven, MI............. -

Port of Presque Isle, MI............. -

Port of Alpena, MI.................... -

Port of Ferrysburg, MI............... -

Oakland County User Fee Airport... 282,727.39

Willow Run User Fee Airport....... 126,368.42

Detroit Metropolitan Airport......... 41,140,588.78

Total, District........................ 688,281,051.10

Chicago, Illinois:

Nippon Courier Hub.................. -6,012.84

Rockford Airport....................... -145.03

Port of Chicago, IL.................... 1,235,526,529.25

Port of Peoria, IL...................... 14,022,262.67

Port of Omaha, NE................... 32,950,203.59

Nippon Courier Hub.................. 5,105,334.50

Midway Intl. Airport................... 33,022.94

Port of Des Moines, IA .............. 2,723,079.58

Port of Davenport/Rock Island/

 Moline, IL............................. 9,937,280.18

Waukegan User Fee Airport........ 100,733.09

Pal-waukee User Fee Airport...... 149,336.28

Dupage User Fee Airport........... 112,306.09

Decatur User Fee Airport........... 96,914.55

Total, District........................ 1,300,750,844.85

Cleveland, Ohio:

Burlington Air Express............... -388,749.01

Port of Cleveland, OH................ 93,142,279. 67

Port of Cincinnati, OH/

 Lawrenceburg, IN ................... 86,302,111.94

Port of Columbus, OH ............... 346,850,169.24

Port of Dayton, OH................... 4,808,919.33

Port of Toledo/Sandusky, OH...... 5,131,212.43

Port of Erie, OH ....................... 776,864.50

Port of Ashtabula/Conneaut, OH.. -

Port of Indianapolis, IN .............. 99,324,677.88

Port of Akron, OH..................... -

Port of Evansville, IN................. -

Port of Louisville, KY................. 235,899,359.17

Port of Owensboro, KY.............. 1,313,791.97

Airborne Airpark User Fee Airport.. 123,503.32

Ft. Wayne User Fee Airport........ 207,635.27

Bluegrass User Fee Airport......... 575,535.49

Hulman User Fee Airport............ -

Airborne Express...................... 624,188.52

BAX Global............................. 2,203,632.19

Emery Worldwide..................... 13,729,576.05

UPS...................................... 74,674,034.19

DHL (Cincinnati)....................... 23,299,970.33

Federal Express (Indianapolis).... 22,682,681.94

Astabula, OH........................... 157,016.01

Total, District........................ 1,011,438,410.43

St. Louis, Missouri:

Port of Kansas City, MO............. 122,165,929.77

Port of St. Louis, MO................. 124,740,597.91

Port of Wichita, KA.................... 30,402,412.81

Port of Springfield, MO.............. 15,978,472.25

Spirit of St. Louis Airport, MO...... 265.00

Total, District........................ 293,287,677.74

San Juan, Puerto Rico:

Port of Aguadilla, PR ................. 559,629.38

Fajardo, PR ............................ 1,306,572.53

Port of Mayaguez, PR ............... 1,497,838.55

Port of Ponce, PR..................... 4,007,386.73

Port of San Juan, PR................. 93,828,067.77

San Juan International Airport..... 8,276,229.82

Total, District........................ 109,475,724.78

Virgin Islands of the United States:

Port of Charlotte Amalie, VI......... 7,215,981.17

Port of Cruz Bay, VI.................. 213,839.56

Port of Christiansted, VI............. 4,397,340.87

Total, District........................ 11,827,161.60

Miami, Florida:

Port of Miami, FL...................... 585,114,888.03

Port of Key West, FL................. 121,064.60

Port of Port Everglades, FL......... 154,831,100.41

Port of West Palm Beach, FL...... 7,764,528.13

Port of Fort Pierce, FL............... 65,437.54

Miami International Airport.......... 111,583,430.59

Miami International Courier Assoc. 79,828.49

DHL Worldwide Express............ 1,172,526.01

MIA/CFS ECCF....................... 36,587.13

UPS (Miami Intl. Airport)............. 25,483.04

Ft. Lauderdale Intl. Airport.......... 399,681.76

UPS Courier Hub...................... 2,014,969.74

Miami Seaport, FL.................... 2,493,375.26

Total, District........................ 865,702,900.73
FEDERAL FISCAL OPERATIONS 25

TABLE FFO-6.—Customs Collection of Duties, Taxes, and Fees by Districts and Ports, con.

[Source: U. S. Customs Service]

District and Port 

of Collection

 Collection

 Fiscal Year

 2004

District and Port

of Collection

 Collection

 Fiscal Year

 2004

District and Port

of Collection

 Collection

 Fiscal Year

 2004

Houston, Texas:

Port of Houston, TX................... 451,205,507.39

Port of Oklahoma City, OK.......... -

Port of Texas City, TX................ -

Houston Intercontinental Airport... 26,037,410.03

Port of Galveston, TX................ 15,108,889.25

Port of Freeport, TX................... 7,398,521.64

Port of Corpus Christi, TX........... 12,513,396.01

Port of Port Lavaca, TX.............. 1,331,274.86

Total, District........................ 513,594,999.18

Washington, District of Columbia:

Port of Alexandria, VA................ 47,946.11

Dulles International Airport.......... 31,720,039.08

Total, District........................ 31,767,985.19

Dallas-Ft. Worth, Texas:

Port of Dallas/Ft. Worth, TX........ 309,662,901.34

Port of Amarillo, TX.................. 96,316.82

Port of Lubbock, TX.................. 118,574.86

Port of Oklahoma City, OK......... 7,164,000.33

Port of Tulsa, OK..................... 8,269,188.07

Port of Austin, TX..................... 5,470,889.04

Port of San Antonio, TX............. 8,229,671.64

Midland User Fee Airport........... 97,879.14

Addison User Fee Airport........... 137,580.16

McKinney User Fee Airport......... 95,127,82

Alliance User Fee Airport........... 97,881.46

Total, District........................ 339,440,010.68

Bahamas Preclearance:

Preclearance-St. Thomas , VI....... 151,162.94

Preclearance-St. Croix, VI.......... 15,093.29

Kindley Field, Bermuda.............. 39,423.03

Freeport, Bahamas ................... 15,318.55

Nassau, Bahamas.................... 55,991.08

Aruba.................................... 13,376.00

Total, District........................ 290,364.89

Preclearance-Canada:

Montreal, Canada Preclearance... 43,357.89

Winnipeg, Canada Preclearance... 20.00

Toronto, Canada Preclearance.... 10,941.74 

Ottawa, Canada Preclearance..... -

Victoria, Canada Preclearance.... -

Vancouver, British Columbia

 Preclearance......................... 20,867.69

Calgary, Canada Preclearance.... 1,805.00

Edmonton, Canada Preclearance.. 2,500.00

Total, District........................ 79,492.32

Total Collections of Duties,

Taxes and Fees ...............$28,420,279,920.15
26

INTRODUCTION: Source and Availability of the

Balance in the Account of the U.S. Treasury

The Department of the Treasury’s (Treasury’s) operating 

cash is maintained in accounts with the Federal Reserve

banks (FRBs) and branches, as well as in tax and loan 

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Public

Debt, and various electronic systems. As the FRB accounts 

are depleted, funds are called in (withdrawn) from thousands 

of tax and loan accounts at financial institutions throughout 

the country.

Under authority of Public Law 95-147 (codified at 31 

United States Code 323), Treasury implemented a program 

on November 2, 1978, to invest a portion of its operating 

cash in obligations of depositaries maintaining tax and loan 

accounts. Under the Treasury tax and loan (TT&L)

investment program, depositary financial institutions select 

the manner in which they will participate. Financial

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can

participate. The program permits Treasury to collect funds 

through financial institutions and to leave the funds in TT&L 

depositaries and in the financial communities in which they 

arise until Treasury needs the funds for its operations. In this 

way, Treasury is able to neutralize the effect of its

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

remit the funds to the Treasury account at FRBs do so as 

collector depositaries.

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

cases, this involves a transfer of funds from a customer’s 

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs.

TABLE UST-1.—Elements of Change in Federal Reserve

and Tax and Loan Note Account Balances

[In millions of dollars. Source: Financial Management Service]

Credits and withdrawals

Federal Reserve accounts

Credits 1 Tax and loan note accounts

Fiscal year or month

Received directly

(1)

Received through 

remittance option tax 

and loan depositaries

(2)

Withdrawals 2

(3)

Taxes 3

(4)

Withdrawals 

(transfers to Federal 

Reserve accounts)

(5)

2000....................................... 4,921,490 253,060 5,172,731 1,189,835 1,195,453 

2001....................................... 5,050,444 340,364 5,389,954 1,271,952 1,281,245 

2002....................................... 6,160,448 367,327 6,529,692 1,231,160 1,212,577 

2003....................................... 6,450,164 426,493 6,877,311 1,148,226 1,173,496 

2004....................................... 7,094,904 469,641 7,565,782 1,168,663 1,166,036 

2003 - Sept................................ 560,606 42,984 600,955 101,488 74,610 

Oct................................ 577,409 38,507 617,030 84,358 83,242 

Nov ................................ 469,451 34,485 504,133 76,035 89,403 

Dec ................................ 574,316 49,324 623,829 123,685 111,711 

2004 - Jan................................ 556,290 38,277 596,105 93,603 82,760 

Feb................................ 583,637 34,728 616,036 84,920 113,028 

Mar................................ 606,819 42,866 650,315 113,704 108,509 

Apr................................ 694,764 41,609 735,865 107,192 88,537 

May ................................ 522,420 30,342 554,517 82,997 105,823 

June............................... 659,073 43,553 701,230 123,501 96,136 

July ................................ 579,783 31,854 612,753 86,898 95,778 

Aug. ............................... 583,266 35,694 621,421 81,990 111,633 

Sept ............................... 687,583 48,402 732,453 109,780 79,476 

See footnotes at end of table.
ACCOUNT OF THE U.S. TREASURY 27

TABLE UST-1.—Elements of Change in Federal Reserve

and Tax and Loan Note Account Balances, con.

[In millions of dollars. Source: Financial Management Service]

Balances

During period

End of period High Low Average

Fiscal year or month

Federal

Reserve

(6)

Tax and loan

note accounts

(7)

Federal

Reserve

(8)

Tax and loan

note accounts

(9)

Federal 

Reserve

(10)

Tax and loan 

note accounts

(11)

Federal

Reserve

(12)

Tax and loan

note accounts

(13)

2000............................... 8,459 44,199 29,444 82,705 3,372 45 6,320 30,829 

2001............................... 9,796 34,423 14,460 68,650 3,446 97 5,656 18,420 

2002............................... 7,879 53,007 13,688 61,680 2,593 44 5,552 21,097 

2003............................... 7,224 27,735 10,583 43,432 2,986 39 5,828 11,195 

2004............................... 5,987 30,362 7,900 51,834 1,592 19 5,341 14,464 

2003 - Sept...................... 7,224 27,735 7,963 43,432 4,019 857 6,206 18,186 

Oct....................... 6,110 28,852 6,134 30,278 3,072 156 4,934 12,065 

Nov ...................... 5,912 15,484 6,110 28,852 3,980 987 5,143 10,092 

Dec ...................... 5,723 27,458 7,455 39,029 3,590 37 5,257 16,936 

2004 - Jan........................ 4,184 38,301 7,740 51,834 4,184 1,885 5,587 24,314 

Feb....................... 6,513 10,194 6,513 40,535 3,885 4,667 5,269 15,774 

Mar....................... 5,884 15,390 6,538 31,842 4,404 2,536 5,429 14,264 

Apr....................... 6,392 34,044 7,900 47,271 4,242 59 6,045 16,366 

May ...................... 4,637 11,218 6,392 34,044 4,247 6,391 5,356 13,362 

June..................... 6,032 38,582 7,323 46,696 1,592 19 5,741 20,897 

July ...................... 4,917 29,701 6,714 29,701 2,915 149 4,963 10,053 

Aug ...................... 2,456 58 5,995 29,701 2,456 27 4,801 3,063 

Sept...................... 5,987 30,362 7,626 44,493 3,701 121 5,608 16,669 

1

 Represents transfers from tax and loan note accounts, proceeds from sales of securities other 

than Government account series, and taxes.

2

 Represents checks paid, wire transfer payments, drawdowns on letters of credit, redemptions 

of securities other than Government account series, and investment (transfer) of excess funds 

out of this account to the tax and loan note accounts.

3 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan depositaries 

as follows: withheld income taxes beginning March 1948; taxes on employers and employees

under the Federal Insurance Contributions Act beginning January 1950 and under 

the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes 

beginning July 1953; estimated corporation income taxes beginning April 1967; all 

corporation income taxes due on or after March 15, 1968; Federal Unemployment 

Tax Act taxes beginning April 1970; and individual estimated income taxes 

beginning October 1988.
28

INTRODUCTION: Federal Debt

Treasury securities (i.e., public debt securities) comprise 

most of the Federal debt, with securities issued by other

Federal agencies accounting for the rest. Tables in this

section of the “Treasury Bulletin” reflect the total. Further 

detailed information is published in the “Monthly Statement 

of the Public Debt of the United States.” Likewise,

information on agency securities and on investments of

Federal Government accounts in Federal securities is

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”

Effective January 1, 2001, Treasury’s Bureau of the

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities

Outstanding and Table II: Statutory Debt Limit. These

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Financial Management Service (FMS)

compiles data in the “Treasury Bulletin” tables FD-2 and 

FD-6 from the “Monthly Statement of the Public Debt of the 

United States.” Effective June 2001, FMS revised

procedures and categories in these tables to agree with the 

Bureau of the Public Debt’s publication changes. 

• Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public,

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized

premium and discount also are listed by total Federal

securities, securities held by Government accounts and

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net

unamortized premium and discount is classified as the

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the

ownership tables, OFS-1 and OFS-2.)

• Table FD-2 categorizes by type, that is, marketable 

and nonmarketable, the total public debt securities

outstanding that are held by the public.

• Table FD-2 (Historical) categorizes by type interestbearing marketable and nonmarketable Treasury securities. 

The difference between interest-bearing and total public debt 

securities reflects outstanding matured Treasury securities—

that is, unredeemed securities that have matured and are no 

longer accruing interest. Because the Federal Financing

Bank is under the supervision of Treasury, its securities are 

held by a U.S. Government account.

• In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those 

of marketable securities.

• Table FD-4 presents interest-bearing securities

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal

agencies. (Federal agency borrowing from Treasury is

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”)

• Table FD-5 illustrates the average length of

marketable interest-bearing public debt held by private

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

the amount of bonds with rates greater than 4-1/4 percent 

that could be held by the public. This permitted Treasury to 

offer securities maturing in more than 7 years at current 

market interest rates for the first time since 1965. In March 

1976, the definition of a bond was changed to include those 

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

to issue long-term securities. The ceiling on Treasury bonds 

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs.

• In table FD-6, the debt ceiling is compared with the 

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

• In table FD-6 (Historical), the same debt

information is compared as in table FD-6. Changes in the

non-interest-bearing debt shown in the last column reflect 

maturities of Treasury securities on nonbusiness days, which 

can be redeemed on the next business day.

• Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies.

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs.

In addition, agencies such as the Bonneville Power

Administration are authorized to borrow from the Treasury 

to finance capital projects. Treasury, in turn, finances these 

loans by selling Treasury securities to the public.
FEDERAL DEBT 29

TABLE FD-1.—Summary of Federal Debt

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Securities held by

Amount outstanding Government accounts The public

End of fiscal

year or month

Total

(1)

Public debt

securities

(2)

Agency

securities

(3)

Total

(4)

Public debt

securities

(5)

Agency

securities

(6)

Total

(7)

Public debt 

securities

(8)

Agency

securities

(9)

2000................................5,701,851 5,674,178 27,672 2,235,763 2,235,712 51 3,466,088 3,438,416 27,672

2001................................5,834,475 5,807,464 27,011 2,468,757 2,468,757 - 3,365,718 3,338,707 27,011

2002................................6,255,111 6,228,236 26,874 2,675,648 2,675,648 - 3,579,463 3,552,589 26,874

2003................................6,809,272 6,783,320 25,952 2,859,291 2,859,291 - 3,949,981 3,924,029 25,952

2004................................7,403,236 7,379,053 24,183 3,075,703 3,075,263 440 4,327,533 4,303,790 23,743

2003 - Sept.......................6,809,272 6,783,320 25,952 2,859,291 2,859,291 - 3,949,981 3,924,029 25,952

Oct........................6,898,431 6,872,676 25,755 2,883,433 2,883,433 - 4,014,998 3,989,243 25,755

Nov .......................6,950,591 6,925,066 25,525 2,893,152 2,892,313 840 4,057,439 4,032,753 24,685

Dec .......................7,022,392 6,997,964 24,428 2,954,451 2,953,910 540 4,067,941 4,044,054 23,888

2004 - Jan........................7,033,215 7,009,235 23,980 2,964,456 2,964,219 237 4,068,759 4,045,016 23,743

Feb.......................7,116,051 7,091,943 24,107 2,966,503 2,966,503 - 4,149,548 4,125,440 24,107

Mar.......................7,155,263 7,131,068 24,195 2,954,401 2,954,401 - 4,200,862 4,176,667 24,195

Apr........................7,157,799 7,133,789 24,010 2,974,990 2,974,990 - 4,182,809 4,158,799 24,010

May .......................7,220,322 7,196,383 23,939 2,989,498 2,989,498 - 4,230,824 4,206,885 23,939

June......................7,298,557 7,274,335 24,221 3,055,601 3,055,601 - 4,242,956 4,218,734 24,221

July .......................7,340,603 7,316,568 24,035 3,049,266 3,048,826 440 4,291,337 4,267,742 23,595

Aug.......................7,374,745 7,350,950 23,795 3,053,080 3,052,698 382 4,321,665 4,298,252 23,413

Sept ......................7,403,236 7,379,053 24,183 3,075,703 3,075,263 440 4,327,533 4,303,790 23,743

Federal debt securities Securities held by Government accounts Securities held by the public

End of fiscal

year or month

Amount 

outstanding 

face value

(10)

Net 

unamortized 

premium 

and discount

 (11)

Accrual

 amount

(12)

Amount 

outstanding 

face value

(13)

Net 

unamortized 

premium 

and discount

(14)

Accrual

amount

(15)

Amount 

outstanding 

face value

(16)

Net 

unamortized 

premium 

and discount

(17)

Accrual

amount

(18)

2000...............................5,701,851 73,513 5,628,338 2,235,763 16,865 2,218,895 3,466,088 56,648 3,409,440

2001...............................5,834,475 64,896 5,769,579 2,468,757 18,363 2,450,394 3,365,719 46,533 3,319,184

2002...............................6,255,111 57,278 6,197,833 2,675,648 17,541 2,658,107 3,579,463 39,737 3,539,726

2003...............................6,809,272 50,551 6,758,722 2,859,291 13,860 2,845,430 3,949,981 36,691 3,913,291

2004...............................7,403,236 51,219 7,352,017 3,075,703 16,671 3,059,032 4,327,533 34,548 4,292,985

2003 - Sept......................6,809,272 50,551 6,758,722 2,859,291 13,860 2,845,430 3,949,981 36,691 3,913,291

Oct.......................6,898,431 51,210 6,847,221 2,883,433 14,140 2,869,293 4,014,998 37,071 3,977,927

Nov ......................6,950,591 50,760 6,899,830 2,893,152 14,499 2,878,653 4,057,439 36,261 4,021,178

Dec ......................7,022,392 50,487 6,971,905 2,954,451 14,436 2,940,015 4,067,941 36,051 4,031,890

2004 - Jan........................7,033,215 47,582 6,985,633 2,964,456 14,282 2,950,174 4,068,759 33,300 4,035,458

Feb.......................7,116,051 47,984 7,068,067 2,966,503 14,573 2,951,930 4,149,548 33,411 4,116,137

Mar.......................7,155,263 47,423 7,107,840 2,954,401 14,345 2,940,056 4,200,862 33,078 4,167,784

Apr.......................7,157,799 48,967 7,108,832 2,974,990 16,001 2,958,989 4,182,809 32,966 4,149,843

May ......................7,220,322 49,972 7,170,350 2,989,498 16,806 2,972,692 4,230,824 33,166 4,197,658

June.....................7,298,557 50,221 7,248,335 3,055,601 16,872 3,038,730 4,242,956 33,349 4,209,605

July ......................7,340,603 50,639 7,289,964 3,049,266 16,692 3,032,574 4,291,337 33,948 4,257,390

Aug ......................7,374,745 50,950 7,323,795 3,053,080 16,825 3,036,255 4,321,665 34,125 4,287,540

Sept......................7,403,236 51,219 7,352,017 3,075,703 16,671 3,059,032 4,327,533 34,548 4,292,985
30 FEDERAL DEBT

Nonmarketable, con.

End of fiscal

year or month

U.S. 

savings 

securities

(8)

Depositary

compensation

securities

(9)

Foreign series 

(10)

Government 

account series

(11)

State and local 

government series

(12)

Domestic

series

(13)

Other

(14)

2001................................ 186,464 - 18,269 39,488 146,364 29,995 3,505

2002................................ 193,312 - 12,519 47,605 144,286 29,995 4,107

2003................................ 201,561 14,991 11,007 53,463 148,366 29,995 4,377

2004................................ 204,201 - 5,881 58,528 158,214 29,995 4,669

2003 - Sept....................... 201,561 14,991 11,007 53,463 148,366 29,995 4,377

Oct........................ 203,010 20,662 11,007 53,446 149,094 29,995 4,392

Nov ....................... 203,585 20,662 9,857 53,519 148,346 29,995 4,290

Dec ....................... 203,862 18,812 9,702 53,569 149,189 29,995 4,241

2004 - Jan........................ 204,254 18,812 5,881 53,088 147,438 29,995 4,241

Feb....................... 204,518 16,330 6,731 53,612 147,603 29,995 4,223

Mar....................... 204,465 - 6,731 54,714 155,712 29,995 4,332

Apr........................ 204,539 - 6,731 54,521 161,634 29,995 4,420

May ....................... 204,666 - 6,431 56,135 161,058 29,995 4,416

June..................... 204,631 - 6,431 56,514 161,474 29,995 4,571

July ...................... 204,559 - 6,431 57,294 156,803 29,995 4,570

Aug ...................... 204,232 - 5,881 58,387 154,923 29,995 4,584

Sept...................... 204,201 - 5,881 58,528 158,214 29,995 4,669

TABLE FD-2.—Debt Held by the Public

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”]

Marketable

End of fiscal

year or month

Total public debt 

securities 

outstanding

(1)

Total

(2)

Bills

(3)

Notes

(4)

Bonds

(5)

Inflation-indexed 

notes and bonds

(6)

Nonmarketable 

Total

(7)

2001................................ 3,339,310 2,915,225 734,856 1,432,956 612,521 134,891 424,085

2002................................ 3,553,180 3,121,357 868,220 1,521,572 592,695 138,870 431,823

2003................................ 3,924,090 3,460,330 918,196 1,799,424 576,590 166,120 463,760

2004................................ 4,307,345 3,845,855 961,449 2,109, 494 551,904 223,008 461,490

2003 - Sept....................... 3,924,090 3,460,330 918,196 1,799,424 576,590 166,120 463,760

Oct........................ 3,990,508 3,518,901 943,890 1,822,640 576,586 175,784 471,607

Nov ....................... 4,032,905 3,562,650 954,723 1,867,370 564,199 176,358 470,254

Dec ....................... 4,044,244 3,574,873 928,768 1,905,725 564,186 176,193 469,371

2004 - Jan........................ 4,045,201 3,581,490 907,841 1,921,742 564,180 187,727 463,711

Feb....................... 4,125,593 3,662,580 958,164 1,952,714 564,174 187,527 463,014

Mar....................... 4,176,874 3,720,923 984,940 1,983,437 564,171 188,376 455,951

Apr........................ 4,158,978 3,697,136 933,396 2,001,114 564,169 198,457 461,842

May ....................... 4,207,088 3,744,385 958,051 2,030,669 555,934 199,731 462,703

June..................... 4,218,910 3,755,294 946,759 2,052,221 555,923 200,391 463,617

July ...................... 4,267,913 3,808,260 962,514 2,067,221 555,916 222,609 459,654

Aug ...................... 4,298,492 3,840,488 976,732 2,088,509 551,910 223,337 458,004

Sept...................... 4,307,345 3,845,855 961,449 2,109,494 551,904 223,008 461,490
FEDERAL DEBT 31

TABLE FD-2.—Interest-Bearing Public Debt (Historical)

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”]

Marketable

End of fiscal

year or month

Total interestbearing public 

debt

(1)

Total

(2)

Treasury

bills

(3)

Treasury

notes

(4)

Treasury

bonds

(5)

Treasury

inflation-indexed

notes and bonds

(6)

Federal 

Financing

Bank

(7)

Nonmarketable

Total

(8)

2000............................... 5,622,092 2,992,752 616,174 1,611,326 635,263 114,988 15,000 2,629,341

Nonmarketable, con.

End of fiscal

year or month

U.S. savings 

securities

(9)

Foreign series

(10)

Government

account series

(11)

State and local 

government series

(12)

Domestic

series

(13)

Other

(14)

2000............................... 177,724 25,431 2,242,900 153,288 29,996 1

Note.—Detail may not add to totals due to rounding.
32 FEDERAL DEBT

End of fiscal 

year or month

Federal Savings 

and Loan

Corporation, 

Resolution Fund

(11)

Federal 

Supplementary Medical 

Insurance 

Trust Fund

(12)

Highway 

Trust Fund

(13)

National 

Service Life

Insurance 

Fund

(14)

Postal 

Service Fund

(15)

Railroad 

Retirement 

Account

(16)

Treasury 

deposit 

funds

(17)

 Unemploy -

 ment Trust

 Fund

 (18)

Other

(19)

2000............................... 2,508 45,075 31,023 11,804 1,086 22,628 62 86,399 266,154

2001............................... 2,650 41,978 24,115 11,639 - 24,983 - 88,638 297,775

2002............................... 2,800 38,804 18,840 11,465 1,430 23,383 - 68,265 316,362

2003............................... 2,963 24,849 13,578 11,246 2,651 503 - 48,188 356,349

2004............................... 3,013 17,439 10,212 10,949 1,283 627 - 45,239 406,004

2003 - Sept...................... 2,963 24,849 13,578 11,246 2,651 503 - 48,188 356,349

Oct....................... 2,935 21,952 14,389 11,169 644 760 - 44,908 387,669

Nov ...................... 2,949 23,071 14,504 11,106 650 653 - 44,742 392,110

Dec ...................... 2,951 23,711 15,811 11,394 914 669 - 41,519 389,892

2004 - Jan........................ 2,953 24,925 16,870 11,301 550 662 - 37,353 386,947

Feb....................... 2,954 26,800 16,117 11,202 550 576 - 36,105 388,316

Mar....................... 2,950 26,431 14,669 11,102 553 482 - 32,684 387,525

Apr....................... 2,953 24,317 15,383 11,012 551 530 - 31,373 386,610

May ...................... 2,953 26,331 15,785 10,938 550 385 - 44,811 392,422

June..................... 2,955 26,032 13,628 11,208 941 424 - 43,871 391,295

July ...................... 2,969 23,640 13,734 11,130 550 586 - 43,225 390,704

Aug ...................... 2,972 24,077 10,915 11,053 550 521 - 46,918 407,967

Sept...................... 3,013 17,439 10,212 10,949 1,283 627 - 45,239 406,004

Note.—Detail may not add to totals due to rounding.

TABLE FD-3.—Government Account Series

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”]

End of fiscal 

year or month

Total

(1)

Airport and

Airway

Trust Fund

(2)

Bank 

Insurance 

Fund

(3)

Employees 

Life Insurance 

Fund

(4)

Exchange 

Stabilization 

Fund

(5)

Federal 

Disability 

Insurance 

Trust Fund

(6)

Federal 

employees 

retirement 

funds

(7)

Federal 

Hospital 

Insurance 

Trust Fund

(8)

Federal 

Housing 

Administration

(9)

Federal

Old-Age and 

Survivors 

Insurance Trust 

Fund

(10)

2000............................... 2,242,900 13,097 29,126 22,372 11,029 113,667 507,225 168,859 17,267 893,519

2001............................... 2,492,141 13,660 30,277 23,690 10,014 135,801 538,381 197,137 17,289 1,034,114

2002............................... 2,707,295 10,997 30,542 25,350 9,717 155,256 570,168 228,906 21,251 1,173,759

2003............................... 2,912,216 10,518 31,054 26,778 10,502 170,762 613,718 251,307 23,823 1,313,427

2004............................... 3,129,990 9,892 32,089 28,107 10,319 182,769 631,749 264,375 23,325 1,452,599

2003 - Sept...................... 2,912,216 10,518 31,054 26,778 10,502 170,762 613,718 251,307 23,823 1,313,427

Oct....................... 2,935,227 11,255 31,070 26,793 10,511 170,620 610,869 247,786 25,755 1,316,142

Nov ...................... 2,945,370 12,093 31,570 27,132 10,520 170,882 608,559 251,939 24,944 1,317,946

Dec ..................... 3,006,980 13,088 31,335 27,131 10,529 175,222 623,963 256,739 27,001 1,355,111

2004 - Jan........................ 3,016,822 12,938 31,165 27,196 10,538 176,851 621,440 259,194 26,300 1,369,639

Feb....................... 3,019,670 13,476 31,577 27,472 10,389 176,796 618,635 259,672 27,691 1,371,342

Mar....................... 3,008,617 10,617 31,580 27,444 10,399 176,690 616,066 255,208 28,122 1,376,095

Apr....................... 3,029,036 10,946 31,391 27,435 10,407 178,947 613,487 260,006 28,458 1,395,230

May ...................... 3,045,225 10,903 31,971 27,780 10,346 178,431 610,808 260,177 21,886 1,398,748

June..................... 3,111,724 11,132 31,856 27,766 10,355 183,508 626,116 267,270 22,336 1,441,031

July ...................... 3,105,732 11,155 31,962 27,806 10,366 183,348 623,579 263,282 22,337 1,445,359

Aug ...................... 3,110,630 11,242 32,335 28,090 10,305 182,635 608,277 263,003 22,666 1,447,104

Sept...................... 3,129,990 9,892 32,089 28,107 10,319 182,769 631,749 264,375 23,325 1,452,599
FEDERAL DEBT 33

TABLE FD-4.—Interest-Bearing Securities Issued by Government Agencies

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

End of fiscal

year or month

Total 

outstanding

(1)

Federal Deposit 

Insurance Corporation

Federal Savings and 

Loan Insurance 

Corporation, 

Resolution Fund

(2)

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration

(3)

Farm Credit 

System 

Financial 

Assistance 

Corporation

(4)

Other 

independent 

Tennessee 

Valley Authority

(5)

Postal

Service

(6)

 Other

 (7)

2000................................ 27,672 63 227 775 25,987 51 569

2001................................ 27,011 63 231 775 25,381 - 561

2002................................ 26,874 - 298 775 25,261 - 540

2003................................ 25,952 - 279 325 24,876 - 473

2004................................ 24,183 - 200 325 23,253 - 406

2003 - Sept....................... 25,952 - 279 325 24,876 - 473

Oct........................ 25,755 - 282 325 24,674 - 474

Nov ....................... 25,525 - 287 325 24,472 - 440

Dec ....................... 24,428 - 290 325 23,372 - 441

2004 - Jan........................ 23,980 - 120 325 23,104 - 432

Feb....................... 24,107 - 120 325 23,242 - 420

Mar....................... 24,195 - 120 325 23,329 - 421

Apr........................ 24,010 - 149 325 23,115 - 423

May ....................... 23,939 - 162 325 23,029 - 424

June...................... 24,221 - 163 325 23,313 - 421

July ....................... 24,035 - 185 325 23,103 - 422

Aug....................... 23,795 - 196 325 22,864 - 410

Sept ...................... 24,183 - 200 325 23,253 - 406

Note.—Detail may not add to totals due to rounding.
34 FEDERAL DEBT

TABLE FD-5.—Maturity Distribution and Average Length of Marketable

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance]

Maturity classes

End of fiscal

year or month

Amount outstanding

privately held

(1)

Within

1 year

(2)

1-5 years

(3)

5-10 years

(4)

10-20 years

(5)

20 years

or more

(6)

Average length 1

(7)

2000............................... 2,469,152 858,903 791,540 355,382 167,082 296,246 6 yrs. 2 mos.

2001............................... 2,328,302 900,178 650,522 329,247 174,653 273,702 6 yrs. 1 mo.

2002............................... 2,492,821 939,986 802,032 311,176 203,816 235,811 5 yrs. 6 mos.

2003............................... 2,804,092 1,057,049 955,239 351,552 243,755 196,497 5 yrs. 1 mo.

2004............................... 3,145,244 1,127,850 1,150,979 414,728 243,036 208,652 4 yrs. 11 mos.

2003 - Sept...................... 2,804,092 1,057,049 955,239 351,552 243,755 196,497 5 yrs. 1 mo.

Oct....................... 2,859,992 1,090,086 968,750 360,755 243,755 196,646 5 yrs. 0 mos.

Nov ...................... 2,877,933 1,127,794 953,987 355,619 243,755 196,778 5 yrs. 0 mos.

Dec ...................... 2,908,029 1,105,608 994,749 367,197 243,755 196,719 5 yrs. 0 mos.

2004 - Jan........................ 2,889,890 1,086,110 1,000,107 363,307 243,755 196,611 5 yrs. 0 mos.

Feb....................... 2,967,133 1,149,251 998,984 378,812 243,520 196,566 4 yrs. 11 mos.

Mar....................... 3,046,725 1,178,142 1,038,873 389,481 243,520 196,709 4 yrs. 10 mos.

Apr....................... 3,019,341 1,125,763 1,054,136 398,995 243,520 196,928 4 yrs. 11 mos.

May ...................... 3,062,767 1,153,189 1,043,862 398,095 243,436 197,187 4 yrs. 11 mos.

June..................... 3,067,768 1,136,300 1,082,581 408,129 243,436 197,323 4 yrs. 11 mos.

July ...................... 3,088,164 1,147,439 1,070,294 418,436 243,436 208,560 4 yrs. 11 mos.

Aug ...................... 3,145,333 1,148,585 1,137,991 406,590 243,436 208,731 4 yrs. 11 mos.

Sept...................... 3,145,244 1,127,850 1,150,979 414,728 243,036 208,652 4 yrs. 11 mos.

1

 Beginning September 1976, the maturity distribution and average length were calculated 

on the interest-bearing marketable debt privately held. Published data were changed for 

the end of the fiscal years back through 1967.

Note.—Detail may not add to totals due to rounding. 
FEDERAL DEBT 35

TABLE FD-6.—Debt Subject to Statutory Limit

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”]

Debt subject to limit Securities outstanding subject to limit

End of fiscal

year or month

Statutory debt 

limit

(1)

Total

(2)

Public debt

(3)

Other debt 1

(4)

Public debt

(5)

Other debt

(6)

Securities

not subject

to limit

(7)

2001....................................... 5,950,000 5,732,587 5,732,365 222 5,807,463 222 75,099

2002....................................... 6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089

2003....................................... 7,384,000 6,737,553 6,737,288 265 6,783,231 265 45,943

2004....................................... 7,384,000 7,333,350 7,333,166 184 7,379,053 184 45,887

2003 - Sept.............................. 7,384,000 6,737,553 6,737,288 265 6,783,231 265 45,943

Oct............................... 7,384,000 6,826,668 6,826,400 268 6,872,676 268 46,277

Nov .............................. 7,384,000 6,879,626 6,879,352 274 6,925,065 274 45,713

Dec .............................. 7,384,000 6,952,893 6,952,617 276 6,997,964 276 45,347

2004 - Jan................................ 7,384,000 6,966,851 6,966,747 104 7,009,235 104 42,488

Feb............................... 7,384,000 7,049,163 7,049,059 104 7,091,943 104 42,884

Mar............................... 7,384,000 7,088,648 7,088,532 116 7,131,068 116 42,536

Apr............................... 7,384,000 7,089,700 7,089,567 133 7,133,789 133 44,222

May .............................. 7,384,000 7,151,523 7,151,377 146 7,196,383 146 45,006

June............................. 7,384,000 7,229,320 7,229,174 147 7,274,335 147 45,161

July .............................. 7,384,000 7,271,328 7,271,159 169 7,316,568 169 45,408

Aug .............................. 7,384,000 7,305,531 7,305,351 180 7,350,950 180 45,599

Sept.............................. 7,384, 000 7,333,350 7,333,166 184 7,379,053 184 45,887

1 Consists of guaranteed debt issued by the Federal Housing Administration.
36 FEDERAL DEBT

TABLE FD-6.—Debt Subject to Statutory Limitation (Historical)

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”]

Debt outstanding

subject to limitation

Interest-bearing debt

subject to limitation

End of fiscal

year or month

Statutory debt 

limit

(1)

Total

(2)

Public debt

(3)

Other debt 1

(4)

Public debt

(5)

Other debt

(6)

Non-interestbearing debt 

subject to 

limitation

(7)

2000....................................... 5,950,000 5,591,625 5,591,407 218 5,540,373 218 51,034

1

 Consists of guaranteed debt issued by the Federal Housing Administration. Note.—Detail may not add to totals due to rounding.
FEDERAL DEBT 37

TABLE FD-7.—Treasury Holdings of Securities Issued

 by Government Corporations and Other Agencies

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Department of Agriculture

End of fiscal

year or month

Total

(1)

Farm-Service

Agency

(2)

Rural Utilities 

Service

(3)

Rural Housing

and Community 

Development Service

(4)

Rural Business 

and Cooperative 

Development 

Service

(5)

Foreign 

Agricultural 

Service

(6)

2000....................................... 191,596 27,323 14,690 9,413 305 729

2001....................................... 203,200 28,817 15,128 10,168 336 970

2002....................................... 213,555 25,074 16,312 10,780 417 906

2003....................................... 224,472 24,858 15,291 11,497 379 1,321

2004....................................... 213,321 15,956 16,560 11,937 474 1,897

2003 - Sept.............................. 224,472 24,858 15,291 11,497 379 1,321

Oct............................... 211,479 11,160 15,291 11,432 379 1,321

Nov .............................. 215,264 14,022 15,291 11,432 379 1,321

Dec .............................. 222,444 16,430 15,291 11,432 379 1,873

2004 - Jan................................ 226,845 15,269 15,297 11,445 379 1,873

Feb............................... 226,797 15,119 15,942 11,449 379 1,873

Mar............................... 227,464 15,149 15,998 11,675 379 1,873

Apr............................... 228,895 15,671 15,998 12,757 379 2,064

May .............................. 228,358 15,480 16,023 12,764 379 2,064

June............................. 231,020 15,223 16,646 12,764 379 2,089

July .............................. 231,865 15,263 16,647 12,763 379 2,089

Aug .............................. 233,883 15,142 16,792 12,817 403 2,089

Sept.............................. 213,321 15,956 16,560 11,937 474 1,897

Department

of Energy

Department of Housing

 and Urban Development

Department

of the Treasury

End of fiscal

year or month

Department of

Education

(7)

Bonneville Power

Administration

(8)

Federal Housing

Administration

(9)

Other Housing

programs

(10)

Federal

Financing Bank

(11)

2000....................................... 65,716 2,513 7,155 3,653 27,836

2001....................................... 77,448 2,689 4,544 3,103 27,862

2002....................................... 89,713 2,770 7,553 2,640 24,693

2003....................................... 91,938 2,698 8,794 2,640 36,657

2004....................................... 96,530 2,900 7,635 1,203 29,305

2003 - Sept.............................. 91,938 2,698 8,794 2,640 36,657

Oct............................... 95,807 2,698 8,794 2,056 33,161

Nov .............................. 95,805 2,698 8,794 2,056 32,733

Dec .............................. 99,250 2,698 10,294 2,056 31,454

2004 - Jan............................... 102,609 2,747 11,794 2,056 31,602

Feb.............................. 102,609 2,747 11,794 2,056 31,194

Mar.............................. 102,170 2,747 11,794 2,056 30,466

Apr............................... 102,170 2,847 11,794 2,056 29,483

May .............................. 101,690 2,820 11,794 2,056 29,174

June............................. 107,991 2,770 11,794 2,056 28,692

July .............................. 107,991 2,820 11,794 2,056 28,877

Aug.............................. 109,164 2,820 11,794 2,056 29,195

Sept ............................. 96,530 2,900 7,635 1,203 29,305
38 FEDERAL DEBT

TABLE FD-7.—Treasury Holdings of Securities Issued by Government

Corporations and Other Agencies, con.

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

End of fiscal

year or month

Export-Import

Bank of the

United States

(12)

Railroad

Retirement

Board

(13)

Small Business 

Administration

(14)

Other

(15)

2000................................ 6,683 2,746 10,012 10,694

2001................................ 7,045 2,884 10,087 12,120

2002................................ 6,657 2,870 11,036 12,133

2003................................ 7,281 2,954 6,627 11,536

2004................................ 7,237 2,962 8,546 10,179

2003 - Sept....................... 7,281 2,954 6,627 11,536

Oct........................ 7,281 3,233 7,133 11,733

Nov ....................... 7,281 3,478 8,233 11,740

Dec ....................... 7,281 3,763 8,435 11,810

2004 - Jan........................ 7,281 4,044 8,435 12,015

Feb....................... 6,882 4,292 8,435 12,028

Mar....................... 6,985 4,566 8,554 13,053

Apr........................ 6,985 4,839 8,554 13,298

May ....................... 6,985 5,090 8,554 13,485

June...................... 6,985 2,137 8,545 12,949

July ....................... 6,985 2,422 8,546 13,233

Aug....................... 6,985 2,678 8,546 13,402

Sept ...................... 7,237 2,962 8,546 10,179

Note.—Detail may not add to totals due to rounding.
39

INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United

States.” The information in this section of the “Treasury 

Bulletin” pertains only to marketable Treasury securities.

• Table PDO-1 provides a maturity schedule of

interest-bearing marketable Treasury notes and bonds. All 

unmatured Treasury notes and bonds are listed in maturity 

order, from earliest to latest. A separate breakout is provided 

for the combined holdings of the Government accounts and 

Federal Reserve banks (FRBs), so that the “all other

investors” category includes all private holdings.

• Table PDO-2 presents the results of weekly auctions 

of 4-, 13-, and 26-week bills. Treasury bills mature each 

Thursday. Issues of 4- and 13-week bills are reopenings of 

26-week bills. Issues of cash management bills also are 

presented. High yields on accepted tenders and the dollar 

value of total bids are presented, with the dollar value of 

awards made on both competitive and noncompetitive bases.

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up 

to $1 million for bills and $5 million for notes and bonds in 

each auction of securities.

• Table PDO-3 lists the results of auctions of

marketable securities, other than weekly bills, in

chronological order over the past 2 years.

• Table PDO-4 indicates the total amount of

marketable securities allotted to each class of investor. The 

FRBs tally into investor classes the tenders in each auction 

of marketable securities other than weekly auctions of 4-, 

13-, and 26-week bills.

TREASURY FINANCING: JULY-SEPTEMBER

[Source: Bureau of the Public Debt, Office of Financing]

J U L Y

Cash Management Bills

On June 29, 2004, Treasury announced it would auction 

$21,000 million of 13-day bills. They were issued July 2 and 

matured July 15. The issue was to raise new cash. Treasury 

auctioned the bills on July 1. Tenders totaled $43,825

million; Treasury accepted $21,001 million. The high bank 

discount rate was 1.150 percent.

On July 2, Treasury announced it would auction $6,000 

million of 7-day bills. They were issued July 8 and matured 

July 15. The issue was to raise new cash. Treasury auctioned 

the bills on July 6. Tenders totaled $21,241 million;

Treasury accepted $6,000 million. The high bank discount 

rate was 1.160 percent.

Auction of 5-Year Notes

On July 1, 2004, Treasury announced it would auction 

$15,000 million of 5-year notes of Series K-2009. The issue 

was to raise new cash.

The notes of Series K-2009 were dated and issued July 

15. They are due July 15, 2009, with interest payable on 

January 15 and July 15 until maturity. Treasury set an

interest rate of 3-5/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

eastern daylight saving time (e.d.s.t.) for noncompetitive 

tenders and before 1:00 p.m. e.d.s.t. for competitive tenders 

on July 7. Tenders totaled $34,879 million; Treasury

accepted $15,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high yield 

of 3.663 percent with an equivalent price of $99.828.

Treasury accepted in full all competitive tenders at yields 

lower than 3.663 percent. Tenders at the high yield were 

allotted 52.49 percent. The median yield was 3.620 percent, 

and the low yield was 3.590 percent. Noncompetitive

tenders totaled $106 million. Competitive tenders accepted 

from private investors totaled $14,894 million. The

minimum par amount required for STRIPS of notes of Series 

K-2009 is $1,000.

Auction of 10-Year 2 Percent Treasury InflationProtected Security (TIPS)

On July 1, 2004, Treasury announced it would auction 

$10,000 million of 10-year TIPS to raise cash. The 10-year 

TIPS of Series D-2014 were dated and issued July 15. They 

are due July 15, 2014, with interest payable on January 15 

and July 15 until maturity. Treasury set an interest rate of 2 

percent after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1:00 p.m.

e.d.s.t. for competitive tenders on July 8. Tenders totaled 

$18,864 million; Treasury accepted $10,000 million at the

high yield of 2.020 percent with an equivalent adjusted price 
PUBLIC DEBT OPERATIONS

TREASURY FINANCING: JULY-SEPTEMBER, con.

40

of $99.820. Tenders at the high yield were allotted 67.46 

percent. The median yield was 1.960 percent, and the low 

yield was 1.898 percent. Noncompetitive tenders totaled

$122 million. Competitive tenders accepted from private

investors totaled $9,878 million. The minimum par amount 

required for STRIPS of TIPS is $1,000.

Auction of 20-Year 6-Month 2-3/8 Percent TIPS

On July 22, 2004, Treasury announced it would auction 

$11,000 million of 20-year 6-month TIPS to raise cash. The 

20-year 6-month TIPS of January 2025 were dated July 15 

and issued July 30. They are due January 15, 2025, with 

interest payable on January 15 and July 15 until maturity. 

Treasury set an interest rate of 2-3/8 percent after

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1:00 p.m.

e.d.s.t. for competitive tenders on July 27. Tenders totaled 

$16,440 million; Treasury accepted $11,000 million at the

high yield of 2.470 percent with an equivalent adjusted price 

of $99.758. Tenders at the high yield were allotted 8.83 

percent. The median yield was 2.380 percent, and the low 

yield was 2.300 percent. Noncompetitive tenders totaled $47 

million. Competitive tenders accepted from private investors 

totaled $10,953 million. Adjusted accrued interest of

$0.97080 per $1,000 must be paid for the period from July 

15 to July 30. Both the unadjusted price of $98.480 and the 

unadjusted accrued interest of $0.96807 were adjusted by an 

index ratio of 1.00282 for the period from July 15 through 

July 30. The minimum par amount required for STRIPS of 

TIPS is $1,000.

Auction of 2-Year Notes

On July 26, 2004, Treasury announced it would auction 

$24,000 million of 2-year notes of Series R-2006. The issue 

was to refund $26,244 million of securities maturing July 31 

and to pay down approximately $2,244 million.

The notes of Series R-2006 were dated July 31 and 

issued August 2. They are due July 31, 2006, with interest 

payable on January 31 and July 31 until maturity. Treasury 

set an interest rate of 2-3/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

e.d.s.t for noncompetitive tenders and before 1 p.m. e.d.s.t. 

for competitive tenders on July 28. Tenders totaled $56,672 

million; Treasury accepted $24,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 2.797 percent with the 

equivalent price of $99.909. Tenders at the high yield were 

allotted 44.07 percent. The median yield was 2.780 percent, 

and the low yield was 2.730 percent. Noncompetitive

tenders totaled $1,151 million. Competitive tenders accepted 

from private investors totaled $22,849 million. 

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $7,006 million from 

FRBs for their own accounts. Accrued interest of $0.14946 

per $1,000 must be paid for the period from July 31 to 

August 2. The minimum par amount required for STRIPS of 

notes of Series R-2006 is $1,000. 

A U G U S T

Cash Management Bills

On August 27, 2004, Treasury announced it would

auction $16,000 million of 14-day bills. They were issued 

September 1 and matured September 15. The issue was to 

raise new cash. Treasury auctioned the bills on August 31. 

Tenders totaled $38,794 million; Treasury accepted $16,000 

million. The high bank discount rate was 1.480 percent.

August Quarterly Financing

On August 4, 2004, Treasury announced it would auction 

$22,000 million of 3-year notes of Series K-2007, $15,000 

million of 5-year notes of Series L-2009, and $14,000

million of 10-year notes of Series E-2014 to refund $28,759 

million of Treasury securities maturing on August 15 and to 

raise new cash of approximately $22,241 million.

The 3-year notes of Series K-2007 were dated August 15 

and issued August 16. They are due August 15, 2007, with 

interest payable on February 15 and August 15 until

maturity. Treasury set an interest rate of 2-3/4 percent after 

determining which tenders were accepted on a yield auction 

basis.

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1p.m. e.d.s.t. 

for competitive tenders on August 9. Tenders totaled

$44,476 million; Treasury accepted $22,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 2.842 percent with an 

equivalent price of $99.737. Treasury accepted in full all 

competitive tenders at yields lower than 2.842 percent.

Tenders at the high yield were allotted 59.56 percent. The 

median yield was 2.830 percent, and the low yield was 2.798 

percent. Noncompetitive tenders totaled $276 million.

Competitive tenders accepted from private investors totaled 

$21,724 million. Accrued interest of $0.07473 per $1,000 

must be paid for the period from August 15 to August 16.

In addition to the $22,000 million of tenders accepted in 

the auction process, Treasury accepted $2,668 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series K-2007 is $1,000.
PUBLIC DEBT OPERATIONS

TREASURY FINANCING: JULY-SEPTEMBER, con.

41

The 5-year notes of Series L-2009 were dated August 15 

and issued August 16. They are due August 15, 2009, with 

interest payable on February 15 and August 15 until

maturity. Treasury set an interest rate of 3-1/2 percent after 

determining which tenders were accepted on a yield auction 

basis.

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. 

for competitive tenders on August 11. Tenders totaled

$39,649 million; Treasury accepted $15,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 3.520 percent with an 

equivalent price of $99.909. Treasury accepted in full all 

competitive tenders at yields lower than 3.520 percent.

Tenders at the high yield were allotted 78.17 percent. The 

median yie ld was 3.490 percent, and the low yield was 3.450 

percent. Noncompetitive tenders totaled $184 million.

Competitive tenders accepted from private investors totaled 

$14,816 million. Accrued interest of $0.09511 per $1,000 

must be paid for the period from August 15 to August 16.

In addition to the $15,000 million of tenders accepted in 

the auction process, Treasury accepted $2,290 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series L-2009 is $1,000.

The 10-year notes of Series E-2014 were dated August

15 and issued August 16. They are due August 15, 2014, 

with interest payable on February 15 and August 15 until 

maturity. Treasury set an interest rate of 4-1/4 percent after 

determining which tenders were accepted on a yield auction 

basis.

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. 

for competitive tenders on August 12. Tenders totaled

$40,594 million; Treasury accepted $14,000 million. All 

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 4.270 percent with an 

equivalent price of $99.838. Treasury accepted in full all 

competitive tenders at yields lower than 4.270 percent.

Tenders at the high yield were allotted 42.14 percent. The 

median yield was 4.253 percent, and the low yield was 4.230 

percent. Noncompetitive tenders totaled $119 million.

Competitive tenders accepted from private investors totaled 

$13,881 million. Accrued interest of $0.11549 per $1,000 

must be paid for the period from August 15 to August 16.

In addition to the $14,000 million of tenders accepted in 

the auction process, Treasury accepted $1,718 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series E-2014 is $1,000.

Auction of 2-Year Notes

On August 23, 2004, Treasury announced it would

auction $24,000 million of 2-year notes. The issue was to 

refund $26,734 million of securities maturing August 31 and 

to pay down approximately $2,734 million.

The notes of Series S-2006 were dated and issued August 

31. They are due August 31, 2006, with interest payable on 

February 28 and August 31 until maturity. Treasury set an 

interest rate of 2-3/8 percent after determining which tenders 

were accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 

noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on August 25. Tenders totaled 

$52,576 million; Treasury accepted $24,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 2.494 percent with an 

equivalent price of $99.769. Treasury accepted in full all 

competitive tenders at yields lower than 2.494 percent.

Tenders at the high yield were allotted 32.34 percent. The 

median yield was 2.465 percent, and the low yield was 2.430 

percent. Noncompetitive tenders totaled $995 million.

Competitive tenders accepted from private investors totaled 

$23,005 million. 

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $7,807 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series S-2006 is $1,000.

S E P T E M B E R

Cash Management Bills

On August 27, 2004, Treasury announced it would

auction $16,000 million of 12-day bills. They were issued 

September 3 and matured September 15. The issue was to 

raise new cash. Treasury auctioned the bills on September 2. 

Tenders totaled $37,380 million; Treasury accepted $16,000 

million. The high bank discount rate was 1.460 percent.

On September 3, Treasury announced it would auction 

$9,000 million of 7-day bills. They were issued September 8 

and matured September 15. The issue was to raise new cash. 

Treasury auctioned the bills on September 7. Tenders totaled 

$29,455 million; Treasury accepted $9,000 million. The high 

bank discount rate was 1.480 percent.

Auction of 5-Year Notes

On September 2, 2004, Treasury announced it would

auction $15,000 million of 5-year notes of Series M-2009. 

The issue was to raise new cash.
PUBLIC DEBT OPERATIONS

TREASURY FINANCING: JULY-SEPTEMBER, con.

42

The notes of Series M-2009 were dated and issued

September 15. They are due September 15, 2009, with

interest payable on March 15 and September 15 until

maturity. Treasury set an interest rate of 3-3/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1:00 p.m.

e.d.s.t. for competitive tenders on September 8. Tenders 

totaled $40,806 million; Treasury accepted $15,000 million. 

All noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.439 percent with an 

equivalent price of $99.708. Treasury accepted in full all 

competitive tenders at yields lower than 3.439 percent.

Tenders at the high yield were allotted 75.85 percent. The 

median yield was 3.409 percent, and the low yield was 3.300 

percent. Noncompetitive tenders totaled $193 million.

Competitive tenders accepted from private investors totaled 

$14,807 million. The minimum par amount required for

STRIPS of notes of Series M-2009 is $1,000.

Auction of 9-Year 11-Month 4-1/4 Percent Notes

On September 2, 2004, Treasury announced it would

auction $9,000 million of 9-year 11-month 4-1/4 percent 

notes of Series E-2014. The issue was to raise new cash.

The notes of Series E-2014 were dated August 15 and 

issued September 15. They are due August 15, 2014, with 

interest payable on February 15 and August 15 until

maturity. 

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1:00 p.m.

e.d.s.t. for competitive tenders on September 9. Tenders

totaled $19,059 million; Treasury accepted $9,000 million. 

All noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.195 percent with an 

equivalent price of $100.436. Treasury accepted in full all 

competitive tenders at yields lower than 4.195 percent.

Tenders at the high yield were allotted 6.11 percent. The 

median yield was 4.170 percent, and the low yield was 4.100 

percent. Noncompetitive tenders totaled $36 million.

Competitive tenders accepted from private investors totaled 

$8,964 million. Accrued interest of $3.58016 per $1,000

must be paid for the period from August 15 to September 15. 

The minimum par amount required for STRIPS of notes of 

notes of Series E-2014 is $1,000.

Auction of 2-Year Notes

On September 27, 2004, Treasury announced it would 

auction $24,000 million of 2-year notes of Series T-2006. 

The issue was to refund $27,004 million of securities

maturing September 30 and to pay down approximately 

$3,004 million.

The notes of Series T-2006 were dated and issued

September 30. They are due September 30, 2006, with

interest payable on March 31 and September 30 until

maturity. Treasury set an interest rate of 2-1/2 percent after 

determining which tenders were accepted on a yield auction 

basis.

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on September 29. Tenders 

totaled $52,702 million; Treasury accepted $24,000 million. 

All noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.620 percent with an 

equivalent price of $99.767659. Treasury accepted in full all 

competitive tenders at yields lower than 2.620 percent.

Tenders at the high yield were allotted 47.81 percent. The 

median yield was 2.580 percent, and the low yield was 2.560 

percent. Noncompetitive tenders totaled $925 million.

Competitive tenders accepted from private investors totaled 

$23,075 million.

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $7,652 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series T-2006 is $1,000.
PUBLIC DEBT OPERATIONS 43

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 2004

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance]

Amount of maturities held by

Date of final maturity

 Description

 (1)

Issue date

(2)

 Total

 (3)

 U.S. Govern-

 ment accounts

 and Federal

 Reserve banks

 (4)

 All other

 investors

 (5)

2004

Oct. 31.............................................................

1

 2-1/8%-T note 10/31/02 32,440 5,560 26,880 

Nov. 15, 04-09...................................................10-3/8% bond 11/15/79 4,201 1,076 3,125 

Nov. 15............................................................

1

 11-5/8% bond 10/30/84 8,302 2,026 6,276 

Nov. 15............................................................

1

 7-7/8%-D note 11/15/94 14,374 3,532 10,841 

Nov. 15............................................................

1

 5-7/8%-H note 11/15/99 32,658 4,888 27,770 

Nov. 30............................................................

1

 2%-U note 12/02/02 32,871 6,044 26,827 

Dec. 31............................................................

1

 1-3/4%-V note 12/31/02 33,203 7,948 25,256 

Total................................

158,049 31,073 126,976 

2005

Jan. 31............................................................

1

 1-5/8%-G note 01/31/03 33,837 8,005 25,832 

Feb. 15, 05-10...................................................11-3/4% bond 02/15/80 2,315 943 1,372 

Feb. 15............................................................

1

 7-1/2%-A note 02/15/95 13,835 3,908 9,927 

Feb. 28............................................................

1

 1-1/2%-H note 02/28/03 35,332 8,343 26,989 

Mar. 31............................................................

1

 1-5/8%-J note 03/31/03 35,211 8,216 26,995 

Apr. 30.............................................................

1

 1-5/8%-K note 04/30/03 34,295 7,994 26,301 

May 15, 05-10................................................... 10% bond 05/15/80 2,987 1,177 1,811 

May 15............................................................

1

 12% bond 04/02/85 4,261 941 3,319 

May 15............................................................

1

 6-1/2%-B note 05/15/95 14,740 2,241 12,499 

May 15............................................................

1

 6-3/4%-E note 05/15/00 28,562 6,566 21,996 

May 31............................................................

1

 1-1/4%-L note 06/02/03 31,021 6,373 24,648 

June 30............................................................

1

 1-1/8%-M note 06/30/03 31,701 7,170 24,531 

July 31.............................................................

1

 1-1/2%-N note 07/31/03 29,997 5,519 24,478 

Aug. 15............................................................

1

 10-3/4% bond 07/02/85 9,270 2,386 6,884 

Aug. 15............................................................

1

 6-1/2%-C note 08/15/95 15,003 3,070 11,933 

Aug. 31............................................................

1

 2%-P note 09/02/03 30,592 6,728 23,864 

Sept. 30...........................................................

1

 1-5/8%-Q note 09/30/03 31,539 6,535 25,004 

Oct. 31.............................................................

1

 1-5/8%-R note 10/31/03 32,368 6,368 26,001 

Nov. 15, 05-10...................................................12-3/4% bond 11/17/80 4,081 1,261 2,821 

Nov. 15............................................................

1

 5-7/8%-D note 11/24/95 15,210 2,525 12,685 

Nov. 15............................................................

1

 5-3/4%-F note 11/15/00 28,063 4,845 23,218 

Nov. 30............................................................

1

 1-7/8%-S note 12/01/03 32,204 6,856 25,348 

Dec. 31............................................................

1

 1-7/8%-T note 12/31/03 33,996 7,987 26,009 

Total................................

530,421 115,956 414,465 

2006

Jan. 31............................................................

1

 1-7/8%-K note 02/02/04 32,533 6,928 25,605 

Feb. 15............................................................

1

 9-3/8% bond 01/15/86 4,756 1,046 3,710 

Feb. 15............................................................

1

 5-5/8%-A note 02/15/96 15,514 1,943 13,571 

Feb. 28............................................................

1

 1-5/8%-L note 03/01/04 34,002 8,000 26,002 

Mar. 31............................................................

1

 1-1/2%-M note 03/31/04 34,339 8,339 26,000 

Apr. 30.............................................................

1

 2-1/4%-N note 04/30/04 34,335 8,363 25,971 

May 15, 06-11...................................................13-7/8% bond 05/15/81 3,545 1,074 2,471 

May 15............................................................

1

 6-7/8%-B note 05/15/96 16,015 3,935 12,080 

May 15............................................................

1

 4-5/8%-E note 05/15/01 27,798 3,808 23,990 

May 15............................................................

1

 2%-G note 05/15/03 22,392 391 22,001 

May 31............................................................

1

 2-1/2%-P note 06/01/04 31,308 6,298 25,010 

June 30............................................................

1

 2-3/4%-Q note 06/30/04 32,588 7,581 25,007 

July 15.............................................................

1

 7%-C note 07/15/96 22,740 5,519 17,222 

July 31.............................................................

1 2-3/4%-R note 08/02/04 31,011 7,006 24,005 

Aug. 15............................................................

1

 2-3/8%-H note 08/15/03 27,909 4,057 23,852 

Aug. 31............................................................

1

 2-3/8%-S note 08/31/04 31,814 7,807 24,008 

Sept. 30...........................................................2-1/2%-T note 09/30/04 31,656 7,652 24,004 

Oct. 15.............................................................

1

 6-1/2%-D note 10/15/96 22,460 5,083 17,376 

Nov. 15, 06-11................................................... 14% bond 11/16/81 4,048 975 3,073 

See footnote at end of table.
44 PUBLIC DEBT OPERATIONS

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 2004, con.

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance]

Amount of maturities held by

Date of final maturity

 Description

 (1)

Issue date

(2)

 Total

 (3)

 U.S. Govern-

 ment accounts

 and Federal

 Reserve banks

 (4)

 

 All other

 investors

 (5)

2006 con.

Nov. 15............................................................

1

 3-1/2%-F note 11/15/01 35,380 3,830 31,550 

Nov. 15............................................................

1

 2-5/8%-J note 11/17/03 26,536 2,538 23,998 

Total................................

522,678 102,173 420,505 

2007

Jan. 15............................................................

1

 3-3/8%-A note 02/06/97 18,839 2,041 16,798 

Feb. 15............................................................

1

 6-1/4%-B note 02/18/97 13,104 1,690 11,414 

Feb. 15............................................................

1

 2-1/4%-H note 02/17/04 25,469 1,666 23,803 

May 15............................................................

1

 6-5/8%-C note 05/15/97 13,958 3,179 10,779 

May 15............................................................

1

 4-3/8%-E note 05/15/02 24,351 3,241 21,111 

May 15............................................................

1

 3-1/8%-J note 05/17/04 27,564 3,562 24,002 

Aug. 15............................................................

1

 6-1/8%-D note 08/15/97 25,637 5,856 19,781 

Aug. 15............................................................

1

 3-1/4%-F note 08/15/02 25,411 3,766 21,645 

Aug. 15............................................................

1

 2-3/4%-K note 08/16/04 24,674 2,668 22,005 

Nov. 15............................................................

1

 3%-G note 11/15/02 23,311 1,308 22,003 

Nov. 15, 07-12...................................................10-3/8% bond 11/15/82 10,126 2,244 7,882 

Total................................

232,444 31,222 201,222 

2008

Jan. 15............................................................

1

 3-5/8%-A note 01/15/98 19,710 2,181 17,530 

Feb. 15............................................................

1

 5-1/2%-B note 02/17/98 13,583 1,985 11,598 

Feb. 15............................................................

1

 3%-E note 02/18/03 27,489 3,484 24,005 

May 15............................................................

1

 5-5/8%-C note 05/15/98 27,191 6,036 21,155 

May 15............................................................

1

 2-5/8%-F note 05/15/03 33,338 336 33,003 

Aug. 15, 08-13................................................... 12% bond 08/15/83 11,917 3,041 8,876 

Aug. 15............................................................

1 3-1/4%-G note 08/15/03 21,357 4,097 17,260 

Sept. 15...........................................................

1

 3-1/8%-H note 09/15/03 16,002 811 15,191 

Oct. 15.............................................................

1

 3-1/8%-J note 10/15/03 15,996 - 15,996 

Nov. 15............................................................

1

 4-3/4%-D note 11/16/98 25,083 3,548 21,535 

Nov. 15............................................................

1

 3-3/8%-K note 11/17/03 18,181 2,338 15,843 

Dec. 15............................................................

1

 3-3/8%-L note 12/15/03 16,000 342 15,658 

Total................................

245,849 28,199 217,650 

2009

Jan. 15............................................................

1

 3-7/8%-A note 01/15/99 18,366 2,529 15,837 

Jan. 15............................................................

1

 3-1/4%-D note 01/15/04 16,003 603 15,400 

Feb. 15............................................................

1

 3%-E note 02/17/04 17,434 1,430 16,004 

Mar. 15............................................................

1

 2-5/8%-F note 03/15/04 16,001 - 16,001 

Apr. 15.............................................................

1

 3-1/8%-G note 04/15/04 16,003 - 16,003 

May 15, 09-14................................................... 13-1/4% bond 05/15/84 4,481 869 3,611 

May 15............................................................

1

 3-7/8%-H note 05/17/04 18,060 3,083 14,977 

May 15............................................................

1

 5-1/2%-B note 05/17/99 14,795 2,625 12,170 

June 15............................................................

1

 4%-J note 06/15/04 15,005 - 15,005 

July 15.............................................................

1

 3-5/8%-K note 07/15/04 15,005 - 15,005 

Aug. 15, 09-14................................................... 12-1/2% bond 08/15/84 4,388 906 3,482 

Aug. 15............................................................

1 6%-C note 08/16/99 27,400 5,384 22,016 

Aug. 15............................................................

1

 3-1/2%-L note 08/16/04 17,295 2,290 15,004 

Sept. 15...........................................................3-3/8%-M note 09/15/04 15,005 - 15,005 

Nov. 15, 09-14...................................................

1 11-3/4% bond 11/15/84 5,015 1,195 3,820 

Total................................

220,255 20,914 199,341 

See footnote at end of table.
PUBLIC DEBT OPERATIONS 45

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 2004, con.

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance]

Amount of maturities held by

Date of final maturity

 Description

 (1)

 Issue date

 (2)

 Total

 (3)

 U.S. Govern-

 ment accounts

 and Federal

 Reserve banks

 (4)

 All other

 investors

 (5)

2010

Jan. 15............................................................

 1 4-1/4%-A note 01/18/00 12,745 1,400 11,345 

Feb. 15............................................................

 1 6-1/2%-B note 02/15/00 23,356 4,554 18,802 

Aug. 15............................................................

 1 5-3/4%-C note 08/15/00 22,438 3,595 18,842 

Total................................

58,538 9,549 48,989 

2011

Jan. 15...........................................................

1 3-1/2%-A note 01/16/01 11,972 330 11,642 

Feb. 15...........................................................

1 5%-B note 02/15/01 23,436 3,583 19,853 

Aug. 15...........................................................

1 5%-C note 08/15/01 26,635 3,206 23,430 

Total................................

62,044 7,119 54,925 

2012

Jan. 15............................................................

1 3-3/8%-A note 01/15/02 6,405 75 6,330 

Feb. 15............................................................

1 4-7/8%-B note 02/15/02 24,780 2,785 21,995 

July 15.............................................................

1

 3%-C note 07/15/02 24,248 2,045 22,203 

Aug. 15............................................................

1 4-3/8%-D note 08/15/02 19,648 2,722 16,926 

Nov. 15............................................................

1 4%-E note 11/15/02 18,113 236 17,877 

Total................................

93,193 7,862 85,332 

2013

Feb. 15............................................................

1 3-7/8%-A note 02/18/03 19,498 1,497 18,002 

May 15............................................................

1 3-5/8%-B note 05/15/03 18,254 252 18,002 

July 15.............................................................

1 1-7/8%-C note 07/15/03 20,634 302 20,332 

Aug. 15............................................................

1

 4-1/4%-D note 08/15/03 33,521 3,413 30,108 

Nov. 15............................................................

1 4-1/4%-E note 11/17/03 30,637 1,634 29,003 

Total................................

122,544 7,097 115,447 

2014

Jan. 15............................................................

1

 2%-A note 01/15/04 21,528 384 21,144 

Feb. 15............................................................

1

 4%-B note 02/17/04 28,081 1,072 27,009 

May 15............................................................

1

 4-3/4%-C note 05/17/04 27,303 2,293 25,010 

July 15.............................................................

1

 2%-D note 07/15/04 10,049 - 10,049 

Aug. 15............................................................

1

 4-1/4%-E note 08/16/04 24,722 1,718 23,004 

Total................................

111,683 5,468 106,215 

2015

Feb. 15............................................................

1

 11-1/4% bond 02/15/85 10,520 1,846 8,675 

Aug. 15............................................................

1 10-5/8% bond 08/15/85 4,024 1,167 2,857 

Nov. 15............................................................

1 9-7/8% bond 11/29/85 5,585 1,007 4,578 

Total................................

20,129 4,020 16,109 

2016

Feb. 15............................................................

1 9-1/4% bond 02/18/86 5,432 1,037 4,395 

May 15............................................................

1 7-1/4% bond 05/15/86 18,824 1,099 17,724 

Nov. 15............................................................

1 7-1/2% bond 11/17/86 18,787 2,150 16,637 

Total................................

43,043 4,286 38,757 

2017

May 15............................................................

1 8-3/4% bond 05/15/87 15,559 2,755 12,804 

Aug. 15............................................................

1

 8-7/8% bond 08/17/87 10,968 2,058 8,910 

Total................................

26,528 4,813 21,715 

See footnote at end of table.
46 PUBLIC DEBT OPERATIONS

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 2004, con.

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance]

Amount of maturities held by

Date of final maturity

 Description

 (1)

Issue date

(2)

 Total

 (3)

 U.S. Govern-

 ment accounts

 and Federal

 Reserve banks

 (4)

 All other

 investors

 (5)

2018

May 15............................................................

1 9-1/8% bond 05/16/88 6,717 1,240 5,478 

Nov. 15............................................................

1 9% bond 11/22/88 7,174 1,053 6,121 

Total................................

13,892 2,293 11,599 

2019

Feb. 15............................................................

1 8-7/8% bond 02/15/89 13,090 2,373 10,717 

Aug. 15............................................................

1 8-1/8% bond 08/15/89 18,941 2,731 16,210 

Total................................

32,031 5,104 26,927 

2020

Feb. 15............................................................

1 8-1/2% bond 02/15/90 9,476 1,486 7,990 

May 15............................................................

1 8-3/4% bond 05/15/90 7,582 1,502 6,081 

Aug. 15............................................................

1 8-3/4% bond 08/15/90 17,059 2,629 14,430 

Total................................

34,118 5,617 28,501 

2021

Feb. 15............................................................

1 7-7/8% bond 02/15/91 10,076 1,530 8,546 

May 15............................................................

1 8-1/8% bond 05/15/91 10,067 1,618 8,449 

Aug. 15............................................................

1

 8-1/8% bond 08/15/91 9,506 1,658 7,848 

Nov. 15............................................................

1 8% bond 11/15/91 30,632 4,361 26,271 

Total................................

60,281 9,166 51,115 

2022

Aug. 15............................................................

1 7-1/4% bond 08/17/92 10,128 1,509 8,619 

Nov. 15............................................................

1

 7-5/8% bond 11/16/92 7,424 1,601 5,823 

Total................................

17,551 3,110 14,442

2023

Feb. 15............................................................

1

 7-1/8% bond 02/16/93 15,782 2,636 13,147 

Aug. 15............................................................

1 6-1/4% bond 08/16/93 22,659 1,935 20,725 

Total................................

38,441 4,570 33,871 

2024

Nov. 15............................................................

1

 7-1/2% bond 08/15/94 9,604 1,615 7,989 

Total................................

9,604 1,615 7,989 

2025

Jan. 15............................................................

1

 2-3/8% bond 07/30/04 11,054 - 11,054 

Feb. 15............................................................

1

 7-5/8% bond 02/15/95 9,509 1,594 7,916 

Aug. 15............................................................

1 6-7/8% bond 08/15/95 11,187 1,800 9,388 

Total................................

31,750 3,393 28,357 

2026

Feb. 15............................................................

1

 6% bond 02/15/96 12,838 1,164 11,674 

Aug. 15............................................................

1 6-3/4% bond 08/15/96 8,810 1,614 7,196 

Nov. 15............................................................

1

 6-1/2% bond 11/15/96 10,860 1,724 9,136 

Total................................

32,509 4,502 28,007 

2027

Feb. 15............................................................

1

 6-5/8% bond 02/18/97 9,522 1,485 8,037 

Aug. 15............................................................

1

 6-3/8% bond 08/15/97 9,197 1,640 7,557 

Nov. 15............................................................

1

 6-1/8% bond 11/17/97 22,021 3,349 18,673 

Total................................

40,740 6,473 34,267 

See footnote at end of table.
PUBLIC DEBT OPERATIONS 47

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 2004, con.

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance]

Amount of maturities held by

Date of final maturity

 Description

 (1)

Issue date

(2)

 Total

 (3)

 U.S. Govern-

 ment accounts

 and Federal

 Reserve banks

 (4)

 All other

 investors

 (5)

2028

Apr. 15.............................................................

1

 3-5/8% bond 04/15/98 19,655 2,959 16,696 

Aug. 15............................................................

1

 5-1/2% bond 08/17/98 11,776 1,772 10,004 

Nov. 15............................................................

1

 5-1/4% bond 11/16/98 10,947 1,611 9,336 

Total................................

42,378 6,342 36,036 

2029

Feb. 15............................................................

1

 5-1/4% bond 02/16/99 11,350 1,670 9,680 

Apr. 15.............................................................

1

 3-7/8% bond 04/15/99 22,464 2,903 19,561 

Aug. 15............................................................

1 6-1/8% bond 08/16/99 11,179 1,670 9,509 

Total................................

44,993 6,243 38,750 

2030

May 15............................................................

1

 6-1/4% bond 02/15/00 17,043 1,894 15,149 

Total................................

17,043 1,894 15,149 

2031

Feb. 15............................................................

1

 5-3/8% bond 02/15/01 16,428 1,423 15,005 

Total................................

16,428 1,423 15,005 

2032

Apr. 15.............................................................

1

 3-3/8% bond 10/15/01 5,349 257 5,091

Total................................

5,349 257 5,091

1

 This security is eligible for stripping. See table V of the “Monthly Statement of the 

Public Debt of the United States.”
48 PUBLIC DEBT OPERATIONS

TABLE PDO-2.—Offerings of Regular Weekly Treasury Bills

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing]

On total competitive bids accepted

Description of new issue Amounts of bids accepted

 Issue date

Maturity date

(1)

 Number

 of days to

 maturity 1

 (2)

Amount

 of bids

 tendered

(3)

Total

amount 2

(4)

 On

competitive

basis

(5)

 On non-

 competitive

 basis 3

 (6)

 High

 price per

 hundred

 (7)

 High

 discount 

 rate

 (percent)

 (8)

 High invest-

 ment rate

 (percent) 4

 (9)

Regular weekly:

(4 week, 13 week, and 26 week)

2004 - July 01................................ 2004 - July 29 28 27,668.9 12,546.9 8,959.5 40.6 99.910 1.155 1.174

Sept. 30 91 40,004.4 23,717.7 15,243.1 1,321.2 99.657 1.355 1.381

Dec. 30 182 41,749.9 20,741.9 13,488.1 925.5 99.128 1.725 1.764

July 08................................ Aug. 05 28 45,845.3 21,303.4 17,949.9 50.2 99.911 1.140 1.161

Oct. 07 91 45,827.5 24,403.3 16,085.5 1,520.4 99.666 1.320 1.344

Jan. 06 182 32,095.9 22,033.8 15,018.8 951.3 99.176 1.630 1.666

July 15................................ Aug. 12 28 50,665.6 25,024.0 21,950.0 50.7 99.910 1.155 1.174

Oct. 14 91 46,639.8 24,514.8 16,190.9 1,354.8 99.668 1.315 1.336

Jan. 13 182 33,941.3 22,046.2 14,740.5 1,072.6 99.176 1.630 1.666

July 22................................ Aug. 19 28 42,451.1 25,327.2 21,956.0 44.0 99.909 1.170 1.187

Oct. 21 91 42,055.1 24,027.8 16,467.5 1,396.6 99.664 1.330 1.352

Jan. 20 182 37,449.4 22,150.2 14,947.3 952.9 99.166 1.650 1.687

July 29................................ Aug. 26 28 41,603.5 21,823.0 18,966.4 33.9 99.897 1.325 1.344

Oct. 28 91 43,698.7 25,038.5 16,049.1 1,424.5 99.640 1.425 1.449

Jan. 27 182 43,143.0 22,198.5 14,083.5 1,161.5 99.123 1.735 1.774

Aug. 05................................ Sept. 02 28 44,200.3 21,630.7 18,942.3 58.0 99.896 1.335 1.357

Nov . 04 91 42,935.4 25,507.1 16,140.4 1,450.3 99.630 1.465 1.490

Feb. 03 182 38,441.5 22,328.9 14,864.4 960.7 99.123 1.735 1.774

Aug. 12................................ Sept. 09 28 53,592.7 28,237.1 24,949.3 52.2 99.891 1.400 1.422

Nov . 12 92 42,417.9 25,690.4 17,360.7 1,423.5 99.624 1.470 1.497

Feb. 10 182 36,377.2 23,498.0 15,767.5 1,137.8 99.158 1.665 1.703

Aug. 19................................ Sept. 16 28 69,416.0 26,070.2 22,952.1 48.2 99.894 1.360 1.383

Nov . 18 91 46,864.2 26,187.8 17,195.0 1,495.6 99.628 1.470 1.498

Feb. 17 182 38,268.2 23,478.5 15,835.2 989.8 99.128 1.725 1.764

Aug. 26................................ Sept. 23 28 56,800.2 27,341.7 23,948.1 53.0 99.894 1.360 1.383

Nov . 26 92 45,283.8 25,987.2 17,290.5 1,479.7 99.613 1.515 1.541

Feb. 24 182 40,893.6 23,402.2 15,593.0 1,277.3 99.115 1.750 1.791

Sept. 02................................ Sept. 30 28 48,220.6 25,212.8 21,954.1 46.2 99.889 1.425 1.449

Dec. 02 91 44,426.1 26,132.3 17,354.6 1,405.4 99.601 1.580 1.607

Mar. 03 182 42,313.4 23,448.8 15,987.0 988.2 99.103 1.775 1.815

Sept. 09................................ Oct. 07 28 44,482.5 25,255.1 21,950.2 50.5 99.880 1.540 1.566

Dec. 09 91 47,352.4 26,034.0 17,404.5 1,358.2 99.587 1.635 1.663

Mar. 10 182 39,153.7 23,372.0 15,819.4 1,105.7 99.060 1.860 1.903

Sept. 16................................ Oct 14 28 40,204.7 15,292.4 11,948.6 51.7 99.881 1.525 1.553

Dec. 16 91 52,529.8 24,594.3 16,369.7 1,356.4 99.585 1.640 1.671

Mar. 17 182 42,566.1 22,002.3 14,981.1 969.6 99.070 1.840 1.883

Sept. 23................................ Oct. 21 28 35,260.3 15,068.2 11,931.7 68.5 99.875167 1.605 1.629

Dec. 23 91 45,423.4 24,682.7 16,284.1 1,406.0 99.574069 1.685 1.716

Mar. 24 182 40,586.5 21,989.8 14,732.3 1,113.6 99.054611 1.870 1.914

Sept. 30................................ Oct 28 28 49,004.8 21,549.4 18,926.2 74.8 99.876333 1.590 1.614

Dec. 30 91 43,695.9 25,716.0 17,087.8 1,481.0 99.567750 1.710 1.741

 Mar. 31 182 35,506.7 23,227.4 15,253.1 1,085.8 99.014167 1.950 1.997

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity 

of 26 weeks or 52 weeks. Certain 26- week bills represent additional issues of bills with an

original maturity of 52 weeks.

2

 Includes amount awarded to the Federal Reserve System.

3

 Tenders for $1 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. However, as of September 21, 2004, the limit was 

raised to $5 million. All Treasury marketable auctions are conducted in a single-price 

format as of November 2, 1998.

4

 Equivalent coupon-issue yield.
PUBLIC DEBT OPERATIONS 49

TABLE PDO-3.—Offerings of Marketable Securities

Other than Regular Weekly Treasury Bills

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing]

Auction date

Issue date

(1)

 Description of securities 1

 (2)

Period to final maturity

(years, months, days) 2

(3)

Amount

tendered

(4)

Amount

accepted 3, 4

(5)

Accepted yield and

equivalent price

for notes and 

bonds

(6)

10/02/03 10/03/03 0.920% bill—10/15/03 12d 54,545 20,001

10/08/03 10/15/03 3-1/8% note—10/15/08-J 5y 35,953 16,000 3.139 - 99.936

10/09/03 10/15/03 1-7/8% note—07/15/13-C 9y 9m 20,224 9,000 2.229 - 97.201

10/29/03 10/31/03 1-5/8% note—10/31/05-R 2y 61,426 32,368 1.737 - 99.781

11/10/03 11/17/03 2-5/8% note—11/15/06-J 3y 53,285 26,538 2.625 - 100.000

11/12/03 11/17/03 3-3/8% note—11/15/08-K 5y 38,547 18,179 3.430 - 99.749

11/13/03 11/17/03 4-1/4% note—11/15/13-E 10y 33,962 18,634 4.360 - 99.116

11/26/03 12/01/03 1-7/8% note—11/30/05-S 2y 51,586 32,201 1.939 - 99.875

12/02/03 12/03/03 0.975% bill—12/15/03 12d 97,865 32,001

12/10/03 12/15/03 3-3/8% note—12/15/08-L 5y 30,679 16,000 3.375 - 100.000

12/11/03 12/15/03 4-1/4% note—11/15/13-E 9y 11m 21,339 12,000 4.365 - 99.076

12/23/03 12/31/03 1-7/8% note—12/31/05-T 2y 63,771 33,987 1.950 - 99.854

12/30/03 01/02/04 0.905% bill—01/15/04 13d 25,266 15,000

01/07/04 01/15/04 3-1/4% note—01/15/09-D 5y 40,133 16,000 3.260 - 99.954

01/08/04 01/15/04 2% note—01/15/14-A 10y 23,359 12,000 2.019 - 99.829

01/29/04 02/02/04 1-7/8% note—01/31/06-K 2y 55,064 32,531 1.930 - 99.893

02/10/04 02/17/04 2-1/4% note—02/15/07-H 3y 56,139 25,666 2.330 - 99.770

02/11/04 02/17/04 3% note—02/15/09-E 5y 46,887 17,430 3.030 - 99.862

02/12/04 02/17/04 4% note—02/15/14-B 10y 33,053 17,072 4.060 - 99.511

02/25/04 03/01/04 1-5/8% note—02/28/06-L 2y 71,055 34,000 1.675 - 99.902

03/02/04 03/03/04 0.980% bill—03/15/04 12d 91,255 27,000

03/10/04 03/15/04 2-5/8% note—03/15/09-F 5y 39,573 16,000 2.695 - 99.675

03/11/04 03/15/04 4% note—02/15/14-B 9y 11m 19,896 11,000 3.752 - 102.034

03/24/04 03/31/04 1-1/2% note—03/31/06-M 2y 64,995 34,334 1.520 - 99.961

04/01/04 04/02/04 0.960% bill—04/15/04 13d 78,305 25,004

04/05/04 04/06/04 0.935% bill—04/20/04 14d 29,705 5,000

04/07/04 04/08/04 0.970% bill—04/19/04 11d 45,016 16,000

04/06/04 04/15/04 3-1/8% note—04/15/09-G 5y 36,548 16,000 3.220 - 99.564

04/07/04 04/15/04 2% note—01/15/14-A 9y 9m 16,003 9,000 1.809 - 102.189

04/28/04 04/30/04 2-1/4% note—04/30/06-N 2y 63,074 34,334 2.270 - 99.961

05/11/04 05/17/04 3-1/8% note—05/15/07-J 3y 53,540 27,562 3.199 - 99.790

05/12/04 05/17/04 3-7/8% note—05/15/09-H 5y 42,609 18,058 3.927 - 99.766

05/13/04 05/17/04 4-3/4% note—05/15/14-C 10y 44,006 17,294 4.848 - 99.230

05/26/04 06/01/04 2-1/2% note—05/31/06-P 2y 64,225 31,298 2.538 - 99.926

05/27/04 06/01/04 0.905% bill—06/14/04 13d 25,405 5,000

06/02/04 06/03/04 0.965% bill—06/15/04 12d 73,860 30,000

06/08/04 06/09/04 0.970% bill—06/11/04 2d 14,930 4,000

06/09/04 06/15/04 4% note—06/15/09-J 5y 43,696 15,000 4.010 - 99.955

06/10/04 06/15/04 4-3/4% note—05/15/14-C 9y 11m 29,304 10,000 4.828 - 99.383

06/23/04 06/30/04 2-3/4% note—06/30/06-Q 2y 61,894 32,581 2.785 - 99.932

07/01/04 07/02/04 1.150% bill—07/15/04 13d 43,825 21,001

07/06/04 07/08/04 1.160% bill—07/15/04 7d 21,241 6,000

07/07/04 07/15/04 3-5/8% note—07/15/09-K 5y 34,879 15,000 3.663 - 99.828

07/08/04 07/15/04 2% TIPS—07/15/14-D 10y 18,864 10,000 2.020 - 99.820

07/27/04 07/30/04 2-3/8% TIPS—01/15/25 20y 6m 16,440 11,000 2.470 - 98.758

07/28/04 08/02/04 2-3/4% note—07/31/06-R 2y 63,678 31,006 2.797 - 99.909

08/09/04 08/16/04 2-3/4% note—08/15/07-K 3y 47,145 24,668 2.842 - 99.737

08/11/04 08/16/04 3-1/2% note—08/15/09-L 5y 41,940 17,290 3.520 - 99.909

08/12/04 08/16/04 4-1/4% note—08/15/14-E 10y 42,312 15,718 4.270 - 99.838

08/25/04 08/31/04 2-3/8% note—08/31/06-S 2y 60,382 31,807 2.494 - 99.769

08/31/04 09/01/04 1.480% bill—09/15/04 14d 38,794 16,000

09/02/04 09/03/04 1.460% bill—09/15/04 12d 37,380 16,000

09/07/04 09/08/04 1.480% bill—09/15/04 7d 29,455 9,000

09/08/04 09/15/04 3-3/8% note—09/15/09-M 5y 40,806 15,000 3.439 - 99.708

09/09/04 09/15/04 4-1/4% note—08/15/14-E 9y 11m 19,059 9,000 4.195 - 100.436

09/29/04 09/30/04 2-1/2% note—09/30/06-T 2y 60,355 31,652 2.620 - 99.767659

1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-2. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS.

2

 From date of additional issue in case of a reopening.

3

 In reopenings, the amount accepted is in addition to the amount of original offerings.

4

 Includes securities issued to the Federal Reserve System; and to foreign and 

international monetary authorities, whether in exchange for maturing securities or for new 

cash.

Note.—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day.
50 PUBLIC DEBT OPERATIONS

TABLE PDO-4.—Allotments by Investor Class

for Marketable Public Debt Securities Other than Bills

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance]

Issue

date

Coupon

rate

(%)

(1)

Security

type

(2)

Series

code

(3)

Sequence

number

(4)

Maturity

date

(5)

Total

issue

(6)

Federal

Reserve

banks

(7)

Depository

institutions 1

(8)

Individuals 2

(9)

Dealers 

and 

brokers

(10)

Private

pension

and

retirement

funds

(11)

Investment 

funds

(12)

Insurance

companies

(13)

Foreign

and

international

(14)

Other 3

(15)

01/15/2003 3 IIS note C 2 07/15/2012 6,004 - 5 196 3,221 40 1,638 1 759 143

01/31/2003 1-5/8 note G 0 01/31/2005 33,837 6,834 61 835 17,003 1 1,882 3 7,208 11

02/18/2003 3 note E 0 02/15/2008 27,489 3,484 613 1,963 16,861 50 799 - 3,603 116

02/18/2003 3-7/8 note A 0 02/15/2013 19,498 1,497 612 134 9,864 0.02 5,080 - 2,313 -

02/28/2003 1-1/2 note H 0 02/28/2005 35,332 8,333 37 773 18,279 4 1,226 3 6,670 8

03/31/2003 1-5/8 note J 0 03/31/2005 35,211 8,211 35 901 13,450 2 7,953 0.3 4,655 5

04/30/2003 1-5/8 note K 0 04/30/2005 34,295 7,293 26 743 13,601 0.3 6,550 1 6,068 13

05/15/2003 2 note G 0 05/15/2006 22,392 391 58 796 15,929 1 2,068 0.4 2,941 208

05/15/2003 2-5/8 note F 0 05/15/2008 18,339 336 50 163 12,177 1 2,788 0.5 2,823 -

05/15/2003 3-5/8 note B 0 05/15/2013 18,254 252 250 141 13,667 - 2,346 0.4 1,509 88

06/02/2003 1-1/4 note L 0 05/31/2005 31,021 6,020 77 845 15,000 2 1,746 2 7,320 9

06/16/2003 2-5/8 note F 1 05/15/2008 15,000 - 296 48 12,881 0.1 1,234 - 542 1

06/30/2003 1-1/8 note M 0 06/30/2005 31,701 6,700 100 800 15,414 3 1,403 1 7,270 11

07/15/2003 1-7/8 IIS note C 0 07/15/2013 11,007 - 20 542 4,925 201 3,250 3 2,042 23

07/31/2003 1-1/2 note N 0 07/31/2005 29,997 4,996 55 677 15,453 7 1,059 3 7,737 9

08/15/2003 4-1/4 note D 0 08/15/2013 20,521 2,515 8 230 12,366 1 1,778 - 3,575 48

08/15/2003 3-1/4 note G 0 08/15/2008 21,357 3,354 15 228 12,055 1 1,637 - 4,051 16

08/15/2003 2-3/8 note H 0 08/15/2006 27,909 3,907 51 255 19,505 1 1,146 - 3,010 35

09/02/2003 2 note P 0 08/31/2005 30,592 5,590 69 812 17,518 1 2,292 7 4,293 10

09/15/2003 3-1/8 note H 0 09/15/2008 16,002 - 6 138 12,137 1 660 1 3,060 -

09/15/2003 4-1/4 note D 1 08/15/2013 13,000 - 100 76 9,910 - 2,070 - 775 69

09/30/2003 1-5/8 note Q 0 09/30/2005 31,539 6,535 47 715 15,458 2 1,647 6 7,089 41

10/15/2003 3-1/8 note J 0 10/15/2008 15,996 - 7 94 8,000 0.3 3,540 - 4,345 10

10/15/2003 1-7/8 IIS note C 1 07/15/2013 9,002 - 5 307 5,517 7 3,121 - 34 11

10/31/2003 1-5/8 note R 0 10/31/2005 32,368 6,368 56 651 13,976 3 4,231 5 7,050 28

11/17/2003 4-1/4 note E 0 11/15/2013 18,636 1,634 2 175 10,539 - 3,075 - 3,200 11

11/17/2003 3-3/8 note K 0 11/15/2008 18,181 2,178 15 277 10,962 0.1 596 - 4,140 12

11/17/2003 2-5/8 note J 0 11/15/2006 26,536 2,538 26 198 15,071 1 2,121 - 6,503 78

12/01/2003 1-7/8 note S 0 11/30/2005 32,204 6,201 54 639 16,961 3 1,932 5 6,400 9

12/15/2003 4-1/4 note E 1 11/15/2013 12,001 - 185 55 9,181 0.3 1,275 - 1,185 120

12/15/2003 3-3/8 note L 0 12/15/2008 16,000 - 6 97 10,402 1 1,232 - 4,250 13

12/31/2003 1-7/8 note T 0 12/31/2005 33,996 7,987 63 681 17,766 1 2,011 6 5,400 82

01/15/2004 2 IIS note A 0 01/15/2014 12,000 - 10 275 7,051 9 4,175 5 453 23

01/15/2004 3-1/4 note D 0 01/15/2009 16,003 - 5 358 9,561 251 1,601 - 4,147 80

02/02/2004 1-7/8 note K 0 01/31/2006 32,533 6,531 61 851 14,254 3 2,100 6 8,603 124

02/17/2004 3 note E 0 02/15/2009 17,434 1,430 15 194 9,094 257 984 - 5,325 135

02/17/2004 4 note B 0 02/15/2014 17,082 1,072 1 144 8,733 6 2,244 - 4,820 62

02/17/2004 2-1/4 note H 0 02/15/2007 25,469 1,666 25 257 12,981 10 2,421 - 7,995 113

03/01/2004 1-5/8 note L 0 02/28/2006 34,002 8,000 71 873 13,798 - 2,501 5 8,555 199

03/15/2004 4 note B 1 02/15/2014 11,000 - 100 45 8,842 0.2 760 - 1,235 18

03/15/2004 2-5/8 note F 0 03/15/2009 16,001 - 256 294 8,661 - 1,425 - 5,295 70

03/31/2004 1-1/2 note M 0 03/31/2006 34,339 8,334 37 929 13,813 1 2,224 5 8,742 256

04/15/2004 3-1/8 note G 0 04/15/2009 16,003 - 9 91 9,374 0.3 1,555 0.1 4,863 110

04/15/2004 2 IIS note A 1 01/15/2014 9,001 - 1,133 272 4,942 92 2,197 - 355 9

04/30/2004 2-1/4 note N 0 04/30/2006 34,335 8,333 44 898 14,524 1 1,336 2 9,040 157

05/17/2004 4-3/4 note C 0 05/15/2014 17,298 2,293 2 428 8,463 9 1,539 - 4,500 64

05/17/2004 3-7/8 note H 0 05/15/2009 18,060 3,058 11 216 9,696 0.1 398 - 4,605 76

05/17/2004 3-1/8 note J 0 05/15/2007 27,564 3,562 32 487 13,007 10 3,115 - 7,200 151

06/01/2004 2-1/2 note P 0 05/31/2006 31,308 6,298 140 1,628 13,850 2 1,557 6 7,690 136

06/15/2004 4-3/4 note C 1 05/15/2014 10,005 - - 68 6,191 0.2 726 - 3,000 21

06/15/2004 4 note J 0 06/15/2009 15,005 - 11 160 6,508 0.1 3,690 - 4,550 85

06/30/2004 2-3/4 note Q 0 06/30/2006 32,588 7,581 45 964 9,270 1 6,551 7 7,980 189

07/15/2004 3-5/8 note K 0 07/15/2009 15,005 - 501 109 8,694 - 1,025 - 4,610 65

07/15/2004 2 IIS note D 0 07/15/2014 10,001 - 5 112 6,255 38 2,576 - 926 89

07/30/2004 2-3/8 IIS bond 0 01/15/2025 11,001 - 5 771 5,869 108 3,445 190 455 157

08/02/2004 2-3/4 note R 0 07/31/2006 31,011 7,006 31 1,098 9,446 1 5,606 7 7,700 117

08/16/2004 4-1/4 note E 0 08/15/2014 15,721 1,718 - 122 6,345 - 3,050 - 4,449 37

08/16/2004 3-1/2 note L 0 08/15/2009 17,295 2,290 7 181 8,600 - 1,251 - 4,896 70

08/16/2004 2-3/4 note K 0 08/15/2007 24,674 2,668 10 268 13,868 - 866 - 6,861 132

08/31/2004 2-3/8 note S 0 08/31/2006 31,814 7,807 32 970 12,544 1 1,530 4 8,874 51

09/15/2004 4-1/4 note E 1 08/15/2014 9,000 - - 37 8,739 - 25 - 200 -

09/15/2004 3-3/8 note M 0 09/15/2009 15,005 - 4736 93 5,474 - 695 1 4,006 -

09/30/2004 2-1/2 note T 0 09/30/2006 31,656 7,652 57 898 11,319 - 5,066 8 6,555 102

10/15/2004 2 IIS note D 1 07/15/2014 9,002 - 1 118 4,475 - 3,910 - 487 11

10/15/2004 3-3/8 note N 0 10/15/2009 15,005 - 3 106 9,053 - 1,761 - 4,030 53

1

 Depository institutions include banks.

2

 Includes partnerships and personal trust accounts.

3

 Residual.
51

INTRODUCTION: Savings Bonds and Notes

Series EE bonds, on sale since July 1, 1980, and series I 

bonds, on sale since September 1, 1998, are the savings 

bonds currently being sold. Series HH bonds are issued in 

exchange for series E and EE savings bonds and savings 

notes. Series A-D were sold from March 1, 1935, through 

April 30, 1941. Series E was on sale from May 1, 1941, 

through December 31, 1979 (through June 1980 to payroll 

savers only). Series F and G were sold from May 1, 1941, 

through April 30, 1952. Series H was sold from June 1, 

1952, through December 31, 1979. Series HH bonds were 

sold for cash from January 1, 1980, through October 31, 

1982. Series J and K were sold from May 1, 1952, through 

April 30, 1957. U.S. savings notes were on sale May 1,

1967, through June 30, 1970. The notes were eligible for 

purchase by individuals with the simultaneous purchase of 

series E savings bonds.

The principal terms and conditions for purchase and

redemption and information on investment yields of savings 

notes appear in the “Treasury Bulletins” of March 1967 and 

June 1968; and in the Annual Report of the Secretary of the 

Treasury for fiscal year 1974.

TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through September 30, 2004

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting]

Amount outstanding

 Series

Sales 1

(1)

Accrued

discount

(2)

Sales plus 

accrued discount

(3)

Redemptions 1

 (4)

 Interest-

 bearing debt

 (5)

 Matured

 non-interest-

 bearing debt

 (6)

Savings bonds:

Series A-D 2............................................ 3,949 1,054 5,003 5,002 - 1 

Series E, EE, H, and HH.......................... 860,008 240,651 1,100,659 396,128 168,719 9,985 

Series I.................................................. 22,005 1,894 23,899 1,523 25,343 -

Series F and G........................................ 28,396 1,125 29,521 29,517 - 3 

Series J and K......................................... 3,556 198 3,754 3,753 - -

Savings notes.......................................... 862 720 1,582 1,336 - 89 

Total...................................................

918,776 245,642 1,164,418 437,259 194,062 10,078 

1 Sales and redemption figures include exchange of minor amounts of (1) matured series 

E bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J 

bonds for series H bonds beginning January 1960; and (3) U.S. savings notes for series H 

bonds beginning January 1972; however, they exclude exchanges of series E bonds for 

series H and HH bonds.

2

 Details by series on a cumulative basis and by period of series A-D combined can be 

found in the February 1952 and previous issues of the “Treasury Bulletin.”
52 U.S. SAVINGS BONDS AND NOTES

TABLE SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting]

Amount outstanding

Redemptions

Period

Sales

(1)

Accrued 

discount

(2)

Sales plus 

accrued 

discount

(3)

Total

(4)

Sales price 1

(5)

Accrued

discount 1

(6)

Interestbearing debt

(7)

Matured

non-interestbearing debt

(8)

Fiscal years:

1935-00........................... 398,892 216,845 615,737 410,627 317,217 93,410 177,659 6,544 

2001................................ 8,047 8,381 16,428 13,846 6,480 7,366 179,515 6,751 

2002................................ 12,542 7,719 20,261 12,494 5,487 7,007 185,495 7,638 

2003................................ 13,776 7,276 21,052 12,057 5,401 6,656 192,563 8,832 

Calendar years:

1935-00........................... 409,865 241,586 651,451 454,633 331,065 123,568 176,802 7,794 

2001................................ 11,557 8,289 19,846 13,509 6,223 7,286 181,416 8,780 

2002................................ 10,101 7,596 17,697 12,582 5,524 7,058 184,698 10,058 

2003................................ 9,725 4,825 14,550 8,212 3,653 4,559 191,685 8,921 

2003 - Sept....................... 1,232 551 1,783 923 420 503 192,563 8,832 

Oct........................ 1,962 494 2,456 932 406 526 194,100 8,745 

Nov ....................... 949 511 1,460 801 365 436 192,900 10,521 

Dec ....................... 953 555 1,508 1,142 472 670 192,160 11,538 

2004 - Jan........................ 1,145 662 1,807 1,320 541 1,860 192,832 11,259 

Feb....................... 781 604 1,385 1,009 410 1,419 193,282 11,075 

Mar....................... 726 549 1,275 1,218 506 1,724 193,423 10,883 

Apr........................ 645 674 1,319 1,146 480 1,626 193,657 10,723 

May ....................... 956 347 1,302 1,087 471 1,558 193,909 10,599 

June...................... 825 529 1,354 1,306 543 1,848 194,018 10,455 

July ....................... 1,036 433 1,469 1,463 580 2,043 194,097 10,305 

Aug....................... 1,054 544 1,598 1,858 756 2,614 193,912 10,166 

Sept ...................... 1,196 494 1,690 1,392 419 1,811 194,062 9,985 

1

 Because there is a normal lag in classifying redemptions, the distribution of redemptions 

between sales price and accrued discount has been estimated.

TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH, and I

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting]

Amount outstanding

Redemptions

Period

Sales

(1)

Accrued 

discount

(2)

Sales plus 

accrued 

discount

(3)

Total

(4)

Sales price

(5)

Accrued

discount

(6)

Exchange 

of E bonds 

for H and 

HH bonds

(7)

Interestbearing debt

(8)

Matured 

non-interestbearing debt

(9)

Series E and EE

Fiscal years:

1941-00............... 353,733 213,100 566,833 360,376 257,388 102,988 23,611 162,749 6,169 

2001................... 4,307 8,271 12,578 12,822 5,330 7,492 1,160 161,044 6,710 

2002................... 5,689 7,227 12,916 11,187 4,197 6,990 1,470 160,038 7,588 

2003................... 5,058 6,673 11,731 10,734 3,986 6,748 1,337 158,536 8,761 

Calendar years:

1941-00............... 356,853 228,644 585,497 377,849 268,295 109,554 25,682 161,386 7,739 

2001................... 4,591 8,064 12,655 12,349 5,012 7,337 1,234 159,365 6,710 

2002................... 5,695 7,042 12,737 11,195 3,272 7,923 1,442 158,083 9,948 

2003................... 3,099 4,483 7,582 7,347 2,691 4,656 863 158,554 8,848 

2003 - Sept.......... 296 478 774 806 304 502 74 158,536 8,761 

Oct........... 612 416 1,028 816 294 522 86 158,747 8,675 

Nov .......... 180 427 607 704 269 435 72 156,811 10,442 

Dec .......... 557 464 1,021 1,027 359 668 109 155,722 11,417 

2004 - Jan............ 640 567 1,207 1,178 401 1,579 121 155,899 11,147 

Feb........... 253 498 751 884 286 1,170 122 155,822 10,969 

Mar........... 401 448 849 1,065 354 1,419 148 155,644 10,783 

Apr........... 367 578 945 998 333 1,331 142 155,603 10,628 

May .......... 529 258 787 951 336 1,287 142 155,419 10,507 

June......... 440 444 884 1,154 393 1,547 229 155,061 10,366 

July .......... 691 355 1,046 1,301 419 1,720 304 154,650 10,218 

Aug .......... 691 479 1,170 1,692 591 2,283 498 153,767 10,081 

Sept.......... 801 426 1,227 1,229 257 1,486 511 153,433 9,903 

See note at end of table.
U.S. SAVINGS BONDS AND NOTES 53

TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH, and I, con.

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting]

Amount outstanding

Redemptions

Period

Sales

(1)

Accrued 

discount

(2)

Sales plus 

accrued 

discount

(3)

 Total

 (4)

Sales price

(5)

Accrued 

discount

(6)

Exchange 

of E bonds 

for H and 

HH bonds

(7)

Interestbearing debt

(8)

Matured 

non-interestbearing debt

(9)

Series H and HH

Fiscal years:

1952-00........................... 13,970 - 13,970 24,739 24,739 - 23,519 12,759 20 

2001............................... 101 - 101 1,023 1,023 - 1,160 12,815 41 

2002...............................47 - 47 921 921 - 1,470 13,361 50 

2003...............................33 - 33 946 946 - 1,336 13,765 71 

Calendar years:

1952-00........................... 13,760 - 13,760 26,330 26,330 - 24,681 12,704 22 

2001...............................47 - 47 1,053 1,053 - 1,225 12,860 85 

2002...............................41 - 41 923 923 - 1,580 13,496 110 

2003...............................25 - 25 580 580 - 862 13,759 73 

2003 - Sept...................... 1 - 1 74 74 - 74 13,765 71 

Oct....................... 3 - 3 73 73 - 86 13,784 70 

Nov ...................... 4 - 4 60 60 - 72 13,790 79 

Dec ...................... 2 - 2 70 70 - 109 13,789 121 

2004 - Jan........................ 8 - 8 89 89 - 121 13,838 112 

Feb....................... 3 - 3 79 79 - 122 13,885 106 

Mar....................... 4 - 4 96 96 - 148 13,939 99 

Apr....................... 2 - 2 83 83 - 142 14,001 94 

May ......................20 - 20 71 71 - 142 14,095 92 

June..................... 9 - 9 76 76 - 229 14,259 89 

July ......................23 - 23 85 85 - 304 14,504 87 

Aug ......................70 - 70 86 86 - 498 14,988 84 

Sept...................... 131 - 131 84 84 - 511 15,286 82 

Series I

Fiscal years:

1999-00........................... 1,730 41 1,771 49 49 - - 2,152 -

2001............................... 3,633 195 3,828 131 131 - - 5,656 -

2002............................... 6,806 490 7,296 366 366 - - 12,096 -

2003............................... 8,682 590 9,272 518 518 - - 20,262 -

Calendar years:

1999-00........................... 2,583 71 2,654 75 75 - - 2,712 -

2001............................... 6,543 243 6,786 165 165 - - 9,192 -

2002............................... 4,363 545 4,908 438 438 - - 13,120 -

2003............................... 6,600 384 6,984 348 348 - - 19,373 -

2003 - Sept...................... 934 72 1,006 45 45 - - 20,262 -

Oct....................... 1,347 78 1,425 40 40 - - 21,569 -

Nov ...................... 766 84 850 36 36 - - 22,299 -

Dec ...................... 394 90 484 43 43 - - 22,649 -

2004 - Jan........................ 498 95 593 51 51 - - 23,096 -

Feb....................... 525 106 631 45 45 - - 23,576 -

Mar....................... 320 101 421 56 56 - - 23,840 -

Apr....................... 276 96 372 64 64 - - 24,052 -

May ...................... 406 89 495 64 64 - - 24,395 -

June..................... 377 84 461 74 74 - - 24,698 -

July ...................... 322 78 400 77 77 - - 24,943 -

Aug ...................... 293 65 358 79 79 - - 25,157 -

Sept...................... 254 68 322 78 78 - - 25,343 -

Note.—Series E and EE include U.S. savings notes (Freedom Shares) on sale from May 1, 

1967, through June 30, 1970, to E bond buyers.
54

INTRODUCTION: Ownership of Federal Securities

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.]

Effective January 1, 2001, Treasury’s Bureau of the

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities

Outstanding and Table II: Statutory Debt Limit. These

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms.

Treasury’s Financial Management Service (FMS)

compiles data in the “Treasury Bulletin” table OFS-1 from 

the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised procedures and 

categories in this table to agree with the Bureau of the Public 

Debt’s publication changes.

• Table OFS-1 presents Treasury marketable and

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings.

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy.

• Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal

entities and foreign official accounts. They also include

municipal, foreign official, and private holdings of

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.)
OWNERSHIP OF FEDERAL SECURITIES 55

TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues

[In millions of dollars. Source: Financial Management Service]

Public debt securities

Held by U.S. Government accounts

End of

fiscal year

or month

Total

Federal

securities

outstanding

(1)

Total

outstanding

(2)

Total

(3)

Marketable

(4)

Nonmarketable

(5)

Public issues

held by Federal

Reserve banks

(6)

2001................................................................ 5,834,475 5,807,463 2,468,757 460 2,468,297 559,636

2002................................................................ 6,255,406 6,228,236 2,675,648 311 2,675,336 628,414

2003................................................................ 6,809,272 6,783,320 2,859,291 311 2,858,980 654,593

2004................................................................ 7,403,236 7,379,053 3,075,703 142 3,075,561 698,207

2003 - Sept................................ 6,809,272 6,783,320 2,859,291 311 2,858,980 654,593

Oct................................ 6,898,431 6,872,676 2,883,523 311 2,883,212 657,201

Nov ................................ 6,950,591 6,925,066 2,893,152 233 2,892,919 656,775

Dec ................................ 7,022,392 6,997,964 2,954,451 233 2,954,218 665,000

2004 - Jan................................ 7,033,215 7,009,235 2,964,456 233 2,964,223 659,088

Feb................................ 7,116,051 7,091,943 2,966,503 233 2,966,270 661,978

Mar................................ 7,155,263 7,131,068 2,954,401 233 2,954,168 672,391

Apr................................ 7,157,799 7,133,789 2,974,990 233 2,974,757 675,908

May ................................ 7,220,322 7,196,383 2,989,498 142 2,989,356 679,588

June................................ 7,298,557 7,274,335 3,055,601 142 3,055,459 685,454

July ................................ 7,340,603 7,316,568 3,049,266 142 3,049,124 691,656

Aug ................................ 7,374,745 7,350,950 3,053,080 142 3,052,938 692,734

Sept................................ 7,403,236 7,379,053 3,075,703 142 3,075,561 698,207

Public debt securities, con. Agency securities

Held by private investors

End of

fiscal year

or month

Total

(7)

Marketable

(8)

Nonmarketable

(9)

Total

outstanding

(10)

 Held by

 private

 investors

 (11)

2001................................................................ 2,779,070 2,370,630 408,441 27,011 27,011

2002................................................................ 2,924,175 2,507,997 416,178 27,170 27,170

2003................................................................ 3,269,347 2,805,814 463,443 25,952 25,952

2004................................................................ 3,605,143 3,147,752 457,391 24,183 24,183

2003 - Sept.......................................................... 3,269,347 2,805,814 463,443 25,952 25,952

Oct........................................................... 3,331,952 2,861,776 470,176 25,755 25,755

Nov .......................................................... 3,375,138 2,905,952 469,186 25,525 25,525

Dec .......................................................... 3,378,513 2,909,949 468,564 24,428 24,428

2004 - Jan............................................................ 3,385,691 2,922,468 463,222 23,980 23,980

Feb........................................................... 3,463,462 3,000,660 462,802 24,107 24,107

Mar........................................................... 3,504,276 3,048,590 455,686 24,195 24,195

Apr........................................................... 3,482,891 3,021,292 461,599 24,010 24,010

May .......................................................... 3,527,297 3,064,860 462,437 23,939 23,939

June......................................................... 3,533,280 3,069,912 463,368 24,221 24,221

July .......................................................... 3,575,646 3,116,678 458,968 24,035 24,035

Aug .......................................................... 3,605,136 3,147,828 457,309 23,795 23,795

Sept.......................................................... 3,605,143 3,147,752 457,391 24,183 24,183
56 OWNERSHIP OF FEDERAL SECURITIES

TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues

(Historical)

[In millions of dollars. Source: Financial Management Service]

Interest-bearing public debt securities

Held by U.S. Government accounts

End of

fiscal year

or month

Total

Federal

securities

outstanding

(1)

Total

outstanding

(2)

Total

(3)

Marketable

(4)

Nonmarketable

(5)

Public issues

held by Federal

Reserve banks

(6)

2000................................................................ 5,701,851 5,622,092 2,235,763 461 2,235,249 511,413

Agency securities

Interest-bearing public debt securities, con.

Held by private investors

End of

fiscal year

or month

 Total

 (7)

Marketable

(8)

 Non-

 marketable

 (9)

Matured

public

debt

and debt

bearing no

interest

(10)

 Total

 outstanding

 (11)

Held by

U.S. Government 

accounts and

Federal Reserve

banks

(12)

Held by

private

investors

(13)

2000................................ 2,874,969 2,480,878 394,092 52,086 27,672 51 27,621

Note.—Detail may not add to totals due to rounding.
OWNERSHIP OF FEDERAL SECURITIES 57

TABLE OFS-2.—Estimated Ownership of U.S. Treasury Securities

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance]

Pension funds 3

End of month

Total

public

debt 1

(1)

Federal

Reserve and

Government

accounts 2

(2)

Total

privately

held

(3)

 Depository

 institutions 3, 4

 (4)

U.S.

savings

bonds 5

(5)

 Private 6

 (6)

State and

local 

governments

 (7)

 Insurance

 compa-

 nies 3

 (8)

Mutual

funds 3, 7

(9)

State and

local

governments 3

(10)

Foreign

and international 8

(11)

Other

investors 9

(12)

1993 - Mar................................ 4,230.6 1,328.6 2,902.0 362.6 163.6 112.3 205.0 208.0 202.0 434.0 585.9 628.8

 June................................ 4,352.0 1,400.6 2,951.4 360.9 166.5 111.8 211.4 217.8 207.5 441.2 596.8 637.5

 Sept ................................ 4,411.5 1,422.2 2,989.3 366.2 169.1 125.3 221.8 229.4 217.6 434.0 619.1 606.8

 Dec ................................ 4,535.7 1,476.1 3,059.6 373.0 171.9 119.6 217.5 234.5 227.1 447.8 650.3 618.0

1994 - Mar................................ 4,575.9 1,476.0 3,099.9 397.4 175.0 119.9 224.3 233.4 212.8 443.4 661.1 632.5

 June................................ 4,645.8 1,547.5 3,098.3 383.8 177.1 129.2 220.6 238.0 204.6 425.2 659.9 659.9

 Sept ................................ 4,692.8 1,562.8 3,130.0 364.0 178.6 136.2 217.4 243.7 201.6 398.2 682.0 708.3

 Dec ................................ 4,800.2 1,622.6 3,177.6 339.6 179.9 139.9 215.6 240.1 209.4 370.0 667.3 815.8

1995 - Mar................................ 4,864.1 1,619.3 3,244.8 353.0 181.4 141.6 225.0 244.2 210.6 350.5 707.0 831.7

 June................................ 4,951.4 1,690.1 3,261.3 340.0 182.6 142.5 217.2 245.0 202.5 313.7 762.5 855.4

 Sept ................................ 4,974.0 1,688.0 3,286.0 330.8 183.5 141.9 211.3 245.2 211.6 304.3 820.4 837.1

 Dec ................................ 4,988.7 1,681.0 3,307.7 315.4 185.0 142.6 208.2 241.5 225.1 289.8 835.2 864.9

1996 - Mar................................ 5,117.8 1,731.1 3,386.7 322.1 185.8 144.2 213.5 239.4 240.9 283.6 908.1 849.0

 June................................ 5,161.1 1,806.7 3,354.4 318.7 186.5 144.5 221.1 229.5 230.6 283.3 929.7 810.6

 Sept ................................ 5,224.8 1,831.6 3,393.2 310.9 186.8 141.1 213.4 226.8 226.8 263.7 993.4 830.2

 Dec ................................ 5,323.2 1,892.0 3,431.2 296.6 187.0 139.9 212.8 214.1 227.4 257.0 1,102.1 794.3

1997 - Mar................................ 5,380.9 1,928.7 3,452.2 317.3 186.5 141.4 211.1 181.8 221.9 248.1 1,157.6 786.5

 June................................ 5,376.2 1,998.9 3,377.3 300.1 186.3 141.9 214.9 183.1 216.8 243.3 1,182.7 708.1

 Sept ................................ 5,413.1 2,011.5 3,401.6 292.8 186.2 142.9 223.5 186.8 221.6 235.2 1,230.5 682.0

 Dec ................................ 5,502.4 2,087.8 3,414.6 300.3 186.5 144.1 219.0 176.6 232.4 239.3 1,241.6 674.9

1998 - Mar................................ 5,542.4 2,104.9 3,437.5 308.3 186.2 136.5 212.1 169.4 234.7 238.1 1,250.5 701.6

 June................................ 5,547.9 2,198.6 3,349.3 290.9 186.0 129.6 213.2 160.6 230.7 258.5 1,256.0 623.8

 Sept ................................ 5,526.2 2,213.0 3,313.2 244.4 186.0 121.1 207.8 151.3 231.8 271.8 1,224.2 674.7

 Dec ................................ 5,614.2 2,280.2 3,334.0 237.4 186.6 113.2 212.6 141.7 253.5 279.7 1,278.7 630.6

1999 - Mar................................ 5,651.6 2,324.1 3,327.5 247.4 186.5 109.5 211.5 137.5 254.0 286.8 1,272.3 622.0

 June................................ 5,638.8 2,439.6 3,199.2 240.6 186.5 111.0 213.8 133.6 227.9 298.5 1,258.8 528.5

 Sept ................................ 5,656.3 2,480.9 3,175.4 241.2 186.2 110.8 204.8 128.0 224.4 298.5 1,281.4 500.1

 Dec ................................ 5,776.1 2,542.2 3,233.9 248.6 186.4 110.5 198.8 123.4 228.7 303.2 1,268.7 565.6

2000 - Mar................................ 5,773.4 2,590.6 3,182.8 237.7 185.3 108.5 196.9 120.0 222.0 301.6 1,106.9 703.7

 June................................ 5,685.9 2,698.6 2,987.3 222.2 184.6 110.0 194.5 116.5 204.8 302.2 1,082.0 570.5

 Sept ................................ 5,674.2 2,737.9 2,936.3 220.5 184.3 110.3 184.7 113.7 207.4 297.4 1,057.9 560.0

 Dec ................................ 5,662.2 2,781.8 2,880.4 201.5 184.8 109.1 177.9 110.2 220.7 297.2 1,034.2 544.8

2001 - Mar................................ 5,773.7 2,880.9 2,892.8 188.0 184.8 106.7 175.8 109.1 220.7 309.4 1,029.9 568.5

 June................................ 5,726.8 3,004.2 2,722.6 188.1 185.5 106.9 181.2 108.1 217.5 322.7 1,000.5 412.2

 Sept ................................ 5,807.5 3,027.8 2,779.7 189.1 186.4 104.7 164.5 106.8 231.2 325.7 1,005.5 465.8

 Dec ................................ 5,943.4 3,123.9 2,819.5 181.5 190.3 105.8 152.4 105.7 257.5 339.4 1,051.2 435.7

2002 - Mar................................ 6,006.0 3,156.8 2,849.2 187.6 191.9 107.9 160.2 114.0 264.3 342.8 1,067.1 413.4

 June................................ 6,126.5 3,276.7 2,849.8 204.6 192.7 110.5 150.4 122.0 251.7 343.9 1,135.4 338.5

 Sept ................................ 6,228.2 3,303.5 2,924.8 210.4 193.3 112.9 145.5 130.4 254.6 344.2 1,200.8 332.6

 Dec ................................ 6,405.7 3,387.2 3,018.5 222.8 194.9 116.4 144.1 139.7 278.8 351.5 1,246.8 323.4

2003 - Mar................................ 6,460.8 3,390.8 3,069.9 153.1 196.9 120.3 140.9 139.5 295.1 348.3 1,286.5 389.5

 June................................ 6,670.1 3,505.4 3,164.7 145.4 199.1 121.7 148.1 138.7 301.2 345.0 1,382.8 382.6

 Sept ................................ 6,783.2 3,515.3 3,268.0 146.9 201.5 120.4 141.6 137.4 286.4 355.6 1,455.5 422.7

 Dec ................................ 6,998.0 3,620.1 3,377.9 154.0 203.8 107.0 147.4 136.5 279.6 358.8 1,538.1 452.6

2004 - Mar................................ 7,131.1 3,628.3 3,502.8 165.0 204.5 110.5 145.2 140.7 281.3 362.9 1,704.8 387.8

 June................................ 7,274.3 3,742.8 3,531.5 161.6 204.6 110.9 152.0 144.1 258.0 368.3 1,799.8 332.2

 Sept................................ 7,379.1 3,772.0 3,607.0 n.a. 204.2 n.a. n.a. n.a. n.a. n.a. 1,861.9 n.a.

1

 Source: “Monthly Statement of the Public Debt of the United States.” Face value.

2

 Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and U. S. Treasury for Government 

accounts. Federal Reserve holdings exclude Treasury securities held under 

repurchase agreements.

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes commercial banks, savings institutions, and credit unions.

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current

 accrual value.

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund."

7

 Includes money market mutual funds, mutual funds, and closed- end investment 

companies.

8 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. Estimates reflect the 1989 benchmark to 1994, the 1994 

benchmark to September 2001, the March 2000 benchmark to September 2002, the June 

2002 benchmark to December 2003, and the June 2003 benchmark to March 2004.

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors.
58

INTRODUCTION: Market Yields

The table in this section presents yields on Treasury 

marketable securities for maturities ranging from 1 month to 

20 years.

Table MY-1 lists Treasury market bid yields at

constant maturities for bills, notes, and bonds. These

“constant maturity rates (CMTs)” are interpolated from 

the Treasury yield curve and published daily at Treasury's 

web site, www.ustreas.gov/offices/domestic -finance/debtmanagement/interest-rate/yield.html. The yield curve is 

fitted daily using a hermite cubic spline. For inputs,

Treasury primarily uses the bid yields on the on-the-run 

securities (most recently auctioned Treasury securities in 

all maturity tranches that Treasury currently auctions) as 

of approximately 3:30 p.m. each trading day. CMT yields 

are based on semiannual interest payments and are read at 

constant maturity points to develop a consistent data

series.

The quotations used by Treasury to calculate the bid 

yields and fit the yield curve are obtained by the Federal 

Reserve Bank of New York. The Board of Governors of the 

Federal Reserve System also publishes the Treasury constant 

maturity data series in its weekly Statistical Release H.15.

On July 31, 2001, Treasury expanded its constant

maturity index to include a 1-month constant maturity yield, 

and Table MY-1 now includes a 1-month maturity beginning 

on that date. On February 18, 2002, Treasury discontinued 

the 30-year constant maturity yield. In lieu of the 30-year 

yield, Table MY-1 now includes a 20-year maturity.

Historical data for the 20-year maturity is available from the 

Board of Governors’ Statistical Release H.15.

Prior to January 2003, this section also included data on 

long-term Treasury, corporate and municipal yields (Table 

MY-2). Effective January 2003, Table MY-2 and Chart MYB were discontinued because Treasury no longer issues

long-term bonds and no longer calculates or estimates longterm corporate rates.

Chart MY-A, which previously was published in this

section, has been discontinued.

TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities:

Bills, Notes, and Bonds*

[In percentages. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance]

Period

1-mo.

(1)

3-mo.

(2)

6-mo.

(3)

1-yr.

(4)

2-yr.

(5)

3-yr.

(6)

 5-yr.

 (7)

7-yr.

(8)

10-yr.

(9)

 20-yr.

 (10)

Monthly average:

2003 - Oct................................ 0.91 0.94 1.02 1.25 1.75 2.26 3.19 3.75 4.29 5.21

Nov ................................ 0.94 0.95 1.04 1.34 1.93 2.45 3.29 3.81 4.30 5.17

Dec ................................ 0.89 0.91 1.01 1.31 1.91 2.44 3.27 3.79 4.27 5.11

2004 - Jan................................ 0.85 0.90 0.99 1.24 1.76 2.27 3.12 3.65 4.15 5.01

Feb................................ 0.92 0.94 1.01 1.24 1.74 2.25 3.07 3.59 4.08 4.94

Mar................................ 0.96 0.95 1.01 1.19 1.58 2.00 2.79 3.31 3.83 4.72

Apr................................ 0.91 0.96 1.11 1.43 2.07 2.57 3.39 3.89 4.35 5.16

May ................................ 0.91 1.04 1.33 1.78 2.53 3.10 3.85 4.31 4.72 5.46

June................................ 1.05 1.29 1.64 2.12 2.76 3.26 3.93 4.35 4.73 5.45

July ................................ 1.19 1.36 1.70 2.10 2.64 3.05 3.69 4.11 4.50 5.24

Aug ................................ 1.37 1.50 1.76 2.02 2.51 2.88 3.47 3.90 4.28 5.07

Sept................................ 1.55 1.68 1.91 2.12 2.53 2.83 3.36 3.75 4.13 4.89

End of month: 

2003 - Oct................................ 0.96 0.96 1.04 1.31 1.85 2.36 3.27 3.80 4.33 5.20

Nov ................................ 0.96 0.93 1.04 1.39 2.06 2.56 3.38 3.89 4.34 5.20

Dec ................................ 0.90 0.95 1.02 1.26 1.84 2.37 3.25 3.77 4.27 5.10

2004 - Jan................................ 0.85 0.92 1.01 1.28 1.84 2.35 3.17 3.68 4.16 5.00

Feb................................ 0.95 0.96 1.01 1.21 1.66 2.13 3.01 3.48 3.99 4.85

Mar................................ 0.96 0.95 1.01 1.20 1.60 1.99 2.80 3.33 3.86 4.77

Apr................................ 0.83 0.98 1.17 1.55 2.31 2.86 3.63 4.11 4.53 5.31

May ................................ 0.94 1.08 1.39 1.83 2.54 3.10 3.81 4.26 4.66 5.39

June................................ 1.17 1.33 1.68 2.09 2.70 3.16 3.81 4.24 4.62 5.33

July ................................ 1.27 1.45 1.77 2.13 2.68 3.09 3.71 4.13 4.50 5.24

Aug ................................ 1.45 1.59 1.79 1.99 2.41 2.75 3.33 3.76 4.13 4.93

Sept................................ 1.47 1.71 2.00 2.21 2.63 2.89 3.38 3.79 4.14 4.89

* Rates are from the Treasury yields curve.
59

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation

The U.S. Currency and Coin Outstanding and in

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of

exchange that is in circulation at the end of a given

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation.

The USCC statement provides a description of the

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census.

USCC information has been published by Treasury since

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the

Federal Reserve Board.

TABLE USCC-1.—Amounts Outstanding and in Circulation, September 30, 2004

[Source: Financial Management Service]

Currency

Total 

currency

and coin

(1)

Total currency

(2)

Federal Reserve notes 1

(3)

U.S. notes

(4)

Currency no

longer issued

(5)

Amounts outstanding................................ $866,759,364,448 $830,987,646,590 $830,480,824,862 $257,455,566 $249,366,162

Less amounts held by:

The Treasury................................ 299,450,913 23,307,969 23,110,324 7,505 190,140

FRBs.............................................................. 128,100,747,905 127,317,256,986 127,317,256,141 - 845

Amounts in circulation................................

$738,359,165,630 $703,647,081,635 $703,140,458,397 $257,448,061 $249,175,177 

Coins 2

Total

(1)

Dollars 3

(2)

Fractional

coins

(3)

Amounts outstanding................................ $35,771,717,858 $3,505,529,008 $32,266,188,850

Less amounts held by:

The Treasury................................ 276,142,944 243,423,044 32,719,900

FRBs.............................................................. 783,490,919 129,846,156 653,644,763

Amounts in circulation................................

$34,712,083,995 $3,132,259,808 $31,579,824,187

See footnotes following table USCC-2.
60 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

TABLE USCC-2.—Amounts Outstanding and in Circulation, September 30, 2004

[Source: Financial Management Service]

Currency in circulation by denomination

Total

(1)

Federal Reserve notes 1

(2)

U.S. notes

(3)

Currency no

longer issued

(4)

$1 ................................................................ $7,988,514,822 $7,843,590,989 $143,503 $144,780,330

$2 ................................................................ 1,374,728,598 1,242,456,508 132,259,518 12,572

$5 ................................................................ 9,461,366,925 9,323,262,420 109,364,410 28,740,095

$10................................................................ 14,595,296,720 14,573,784,970 6,300 21,505,450

$20................................................................ 104,606,598,120 104,586,491,460 3,840 20,102,820

$50................................................................ 58,676,674,350 58,665,177,850 500 11,496,000

$100................................................................ 506,630,277,500 506,592,632,700 15,659,400 21,985,400

$500................................................................ 142,554,000 142,359,500 5,500 189,000

$1,000................................................................ 165,845,000 165,632,000 5,000 208,000

$5,000................................................................ 1,765,000 1,710,000 - 55,000

$10,000.............................................................. 3,460,000 3,360,000 - 100,000

Fractional notes 4.................................................. 600 - 90 510

Total currency................................................... $703,647,081,635 $703,140,458,397 $257,448,061 $249,175,177

Comparativ e totals of currency and coins in circulation—selected dates

Amounts (in millions)

(1)

Per capita 5

(2)

Sept. 30, 2004............................................................................. 738,359 $2,508

Aug. 31, 2004............................................................................. 736,528 2,506

July 31, 2004.............................................................................. 733,204 2,495

Sept. 30, 2000............................................................................. 568,614 2,061

Sept. 30, 1995............................................................................. 409,272 1,553

Sept. 30, 1990............................................................................. 278,903 1,105

Sept. 30, 1985............................................................................. 187,337 782

Sept. 30, 1980............................................................................. 129,916 581

June 30, 1975 ............................................................................. 81,196 380

June 30,1970.............................................................................. 54,351 265

June 30, 1965 ............................................................................. 39,719 204

June 30, 1960 ............................................................................. 32,064 177

June 30, 1955.............................................................................. 30,229 183

1

 Issued on or after July 1, 1929.

2

 Excludes coins sold to collectors at premium prices.

3

 Includes $481,781,898 in standard silver dollars.

4

 Represents value of certain fractional denominations not presented for redemption.

 5 Based on Bureau of the Census estimates of population.
63

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on U.S.

Government reserve assets, liabilities to foreigners, and its 

international financial position. All monetary figures are in 

dollars or dollar equivalents.

• Table IFS-1 shows reserve assets of the United

States, including its gold stock, special drawing rights held 

in the Special Drawing Account in the International 

Monetary Fund (IMF), holdings of convertible foreign

currencies and reserve position in the IMF.

• Table IFS-2 contains statistics on liabilities to

foreign official institutions, and selected liabilities to all 

other foreigners, which are used in the U.S. balance of 

payments statistics.

• Table IFS-3 shows nonmarketable bonds and notes 

that the Treasury issues to official institutions and other

residents of foreign countries.

TABLE IFS-1.—U.S. Reserve Assets

[In millions of dollars. Source: Treasury International Capital Reporting System]

End of calendar

year or month

Total reserve

assets 1

(1)

Gold stock 2

(2)

Special drawing

rights 1, 3

(3)

Foreign 

currencies 4

(4)

Reserve 

position in 

International 

Monetary

Fund 1, 5

(5)

1999................................................................... 71,516 11,048 10,336 32,182 17,950

2000................................................................... 67,647 11,046 10,539 31,238 14,824

2001................................................................... 68,654 11,045 10,774 28,981 17,854

2002................................................................... 79,006 11,043 12,166 33,818 21,979

2003 - Oct............................................................ 84,150 11,043 12,079 37,433 23,595

Nov .......................................................... 85,142 11,043 12,244 38,237 23,618

Dec .......................................................... 85,938 11,043 12,638 39,722 22,535

2004 - Jan............................................................ 85,257 11,045 12,598 39,727 21,887

Feb........................................................... 84,741 11,045 12,687 39,190 21,819

Mar........................................................... 85,192 11,045 12,691 39,814 21,642

Apr........................................................... 82,091 11,045 12,445 38,279 20,322

May .......................................................... 82,804 11,045 12,682 38,780 20,297

June......................................................... 82,652 11,045 12,659 38,872 20,076

July .......................................................... 81,375 11,044 12,586 38,352 19,393

Aug .......................................................... 82,602 11,043 12,710 39,037 19,812

Sept.......................................................... 82,578 11,043 12,782 39,310 19,443

Oct........................................................... 84,232 11,043 13,041 40,618 19,530

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing 

the special drawing right (SDR) based on a weighted average of exchange rates for the 

currencies of selected member countries. The U.S. SDR holdings and reserve position in the 

IMF also are valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against 

all gold held.

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus 

transactions in SDRs. 

4

 Includes holdi ngs of Treasury and Federal Reserve System; beginning November 

1978, these are valued at current market exchange rates or, where appropriate, at 

such other rates as may be agreed upon by the parties to the transactions. 

5

 The United States has the right to purchase foreign currencies equivalent to its 

reserve position in the IMF automatically if needed. Under appropriate conditions, the 

United States could purchase additional amounts related to the U.S. quota.

Note.—Detail may not add to total due to rounding.
64 INTERNATIONAL FINANCIAL STATISTICS

TABLE IFS-2.—Selected U.S. Liabilities to Foreigners

[In millions of dollars. Source: Treasury International Capital Reporting System]

Liabilities to foreign countries

Official institutions 1

Liabilities to other foreigners

End of

calendar

year or

month

Total

(1)

Total

(2)

Liabilities

reported 

by

banks in

United

States

(3)

Marketable

U.S.

Treasury

bonds

and

notes 2

(4)

Nonmarketable

U.S.

Treasury

bonds

and

notes 3

(5)

Other

readily

marketable

liabilities 2, 4

(6)

Liabilities

to

banks 5

(7)

Total

(8)

Liabilities

reported

by banks

in the

United

States

(9)

Marketable

U.S.

Treasury

bonds

and

notes 2, 6

(10)

Liabilities

to nonmonetary

international and 

regional

organizations 7

(11)

2000 - Mar. 8................................ 2,576,611 805,904 301,358 430,243 5,734 68,569 933,296 813,334 196,440 616,894 24,077

Series Break................................ 2,440,803 872,022 301,358 465,111 5,734 99,819 933,296 587,003 196,440 390,563 48,482

2000................................ 2,560,801 888,000 297,603 450,832 5,348 134,217 1,049,619 581,309 228,332 352,977 41,873

2001................................ 2,719,151 895,406 282,290 454,306 3,411 155,399 1,125,812 653,374 284,671 368,703 44,559

2002 - June 8................................ 2,997,081 953,532 328,090 451,163 3,000 171,279 1,299,551 696,788 296,705 400,083 47,210

Series Break................................ 3,006,298 1,042,606 328,090 559,599 3,000 151,917 1,299,551 642,450 296,705 345,745 21,691

2002................................ 3,238,149 1,077,938 335,090 569,891 2,769 170,188 1,382,628 750,890 325,764 425,126 26,693

2003 - June r

8

................................ 3,595,445 1,177,145 379,169 610,122 2,876 184,978 1,428,694 962,076 453,615 508,461 27,530

Series Break r................................ 3,602,208 1,233,442 379,169 650,336 2,876 201,061 1,428,694 912,395 453,615 458,780 27,677

2003 - Sept. r................................ 3,711,733 1,276,573 398,138 669,787 2,931 205,717 1,408,757 997,333 481,750 515,583 29,070

Oct. r................................ 3,706,678 1,297,842 396,281 689,238 2,951 209,372 1,349,660 1,031,618 523,379 508,239 27,558

Nov. r................................ 3,830,323 1,323,112 400,803 708,121 2,640 211,548 1,419,827 1,061,401 536,152 525,249 25,983

Dec. r................................. 3,862,097 1,340,662 401,926 719,450 2,613 216,673 1,435,108 1,060,694 515,729 544,965 25,633

2004 - Jan. r................................ 3,994,562 1,392,190 422,927 746,360 1,521 221,382 1,458,496 1,116,967 550,039 566,928 26,909

Feb. r................................ 4,131,942 1,422,830 431,402 762,431 1,529 227,468 1,515,874 1,167,995 580,308 587,687 25,243

Mar. r................................ 4,203,043 1,463,614 434,151 796,336 1,540 231,587 1,522,013 1,193,494 579,017 614,477 23,922

Apr. r................................ 4,285,906 1,478,531 423,418 818,476 1,549 235,088 1,527,048 1,256,435 628,626 627,809 23,892

May ................................ 4,295,533 1,494,826 426,000 832,856 1,558 234,412 1,507,014 1,269,738 632,911 636,827 23,955

June................................ 4,348,849 1,528,235 440,629 850,396 1,568 235,642 1,539,881 1,258,090 598,518 659,572 22,643

July................................ 4,421,313 1,538,252 444,333 854,539 1,578 237,802 1,594,684 1,267,461 589,233 678,228 20,916

Aug. p................................ 4,475,533 1,561,848 445,162 873,593 1,588 241,505 1,587,000 1,307,156 634,042 673,114 19,529

Sept. p................................ 4,467,451 1,575,605 445,682 883,665 1,599 244,659 1,534,727 1,337,631 654,598 683,033 19,488

1

 Includes Bank for International Settlements.

2

 Derived by applying reported transactions to benchmark data.

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as 

follows: Mexico, beginning March 1990, 30- year maturity issue; Venezuela, beginning 

December 1990, 30- year maturity issue; Argentina, beginning April 1993, 30-year maturity 

issue. Also, see footnotes to table IFS-3.

4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies 

and private corporations.

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign 

currencies to foreign banks and to “other foreigners.”

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank.

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to 

those for earlier dates; figures on the second line are based in part on benchmark surveys 

as of end-March 2000, end-June 2002, and end-June 2003, respectively, and are 

comparable to those shown for the following dates.

Note.—Table is based on Treasury data and on data reported to the Treasury by banks, 

other depository institutions and brokers in the United States. Data generally correspond to 

statistics following in this section and in the “Capital Movements” section. Table excludes 

International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of 

credit and nonnegotiable noninterest- bearing special U.S. notes held by international and 

regional organizations.
INTERNATIONAL FINANCIAL STATISTICS 65

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued

to Official Institutions and Other Residents of Foreign Countries

[In millions of dollars. Source: Treasury International Capital Reporting System]

Payable in dollars

End of calendar

year or month

Grand total

(1)

Total

(2)

Argentina 1

(3)

Mexico 2

(4)

Venezuela 3

(5)

1999................................................................ 6,111 6,111 1,259 4,313 539

2000................................................................ 5,348 5,348 1,244 3,520 584

2001................................................................ 3,411 3,411 977 1,801 633

2002................................................................ 2,769 2,769 715 1,368 686

2003 - Sept.......................................................... 2,931 2,931 754 1,449 728

Oct........................................................... 2,951 2,951 759 1,459 733

Nov .......................................................... 2,640 2,640 763 1,139 738

Dec .......................................................... 2,613 2,613 768 1,102 743

2004 - Jan............................................................ 1,521 1,521 773 - 748

Feb........................................................... 1,529 1,529 777 - 752

Mar........................................................... 1,540 1,540 782 - 758

Apr........................................................... 1,549 1,549 786 - 763

May .......................................................... 1,559 1,559 791 - 768

June......................................................... 1,569 1,569 796 - 773

July .......................................................... 1,579 1,579 801 - 778

Aug .......................................................... 1,589 1,589 806 - 783

Sept.......................................................... 1,599 1,599 810 - 789

1

 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining 

face value of issue is $3,060 million.

2

 Beginning March 1990, indicates current value of zero-coupon, 30-year maturity issue to 

the government of Mexico. Remaining face value of issue is $3,821 million. Note: This 

issue was paid off in full and retired on January 29, 2004.

3

 Beginning December 1990, indicates current value of zero-coupon, 30- year maturity 

Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

$2,721 million.
66

INTRODUCTION: Capital Movements

Background

Data relating to U.S. international transactions in

financial instruments and to other portfolio capital

movements between the United States and foreign countries 

have been collected in some form since 1935. This

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international

investment position, and for use in formulating U.S.

international financial and monetary policies. 

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly, quarterly, and semiannual reports are 

filed with district Federal Reserve banks by commercial

banks, securities dealers, other financial institutions, and

nonbanking enterprises in the United States. These data are 

centrally processed and maintained at the Federal Reserve 

Bank of New York, which, along with the district banks, acts 

as fiscal agent for Treasury. Beginning in late 1998, the

Federal Reserve Board also undertakes services on behalf of 

Treasury in support of the TIC data collection system. The 

TIC reports of individual respondents are treated as

confidential, and access to the respondent level data and to 

some sensitive data aggregates is strictly limited to specific 

staff of Treasury and the Federal Reserve System.

Data derived from Treasury reports are published in the 

Capital Movements section of this quarterly Treasury Bulletin 

and are posted monthly on the TIC website,

http://www.ustreas.gov/tic. (See NOTE at the end of the

INTRODUCTION text for additional website information.) 

TIC data aggregates are also published in the Federal Reserve 

Bulletin and are used in the U.S. international transactions and 

investment position compilations published by the

Department of Commerce in the Survey of Current Business.

Forms and instructions are developed with the cooperation 

of other Government agencies and the Federal Reserve

System and in consultation with representatives of banks,

securities firms, and nonbanking enterprises. The most recent 

revisions to selected reporting forms and instructions were 

effective February 28, 2003. The major changes are outlined 

under “Description of statistics” below. Copies of the

reporting forms and instructions may be obtained from the 

Office of Program Services, Office of the Assistant Secretary 

for International Affairs, Treasury, Washington, D.C. 20220; 

the International Finance Division, Board of Governors of the 

Federal Reserve System, Washington, D.C. 20551; or district 

FRBs. Reporting forms and instructions also may be

downloaded from the TIC website.

Basic definitions

The term “foreigner” as used in TIC reporting covers all 

institutions and individuals resident outside the United

States, including U.S. citizens domiciled abroad; the foreign 

branches, subsidiaries and offices of U.S. banks and business 

concerns; the central governments, central banks, and other 

official institutions of foreign countries, wherever located; 

and international and regional organizations, wherever

located. The term “foreigner” also includes persons in the 

United States to the extent that they are known by reporting 

institutions to be acting on behalf of foreigners.

In general, information is reported opposite the country or 

geographical area where the foreigner is located, as shown on 

records of reporting institutions. This information may not 

always reflect the ultimate ownership of assets. Reporting 

institutions are not required to go beyond addresses shown on 

their records and may not be aware of the actual country of 

domicile of the ultimate beneficiary.

Transactions with branches or agencies of foreign official 

institutions, wherever located, are reported opposite the

country that has sovereignty over the institutions. Transactions 

with international and regional organizations are not reported 

opposite any single country, but are accounted for in regional 

groupings of such organizations. The only exception is

information pertaining to the Bank for International

Settlements, which is reported opposite “Other Europe.” For 

purposes of publication only, information on the European 

Central Bank also is included in “Other Europe.”

“Short-term” refers to obligations payable on demand or 

having an original maturity of one year or less. “Long-term” 

refers to obligations having an original maturity of more 

than one year and includes securities having no maturity.

Reporting coverage

TIC reports are required from banks and other depository 

institutions, bank/financial holding companies (BHCs/FHCs),

securities brokers and dealers, and nonbanking concerns in 

the United States, including the branches, agencies,

subsidiaries, and other affiliates in the United States of

foreign banking and nonbanking firms. Institutions with total 

reportable liabilities, claims, or securities transactions below 

specified reporting thresholds are exempt from reporting. 

Beginning in February 2003, substantial revisions to the 

coverage and formats of the TIC B-series and C-series forms 

were introduced. The reasons for the changes were to

comply with new and expanded international standards for 

reporting data on portfolio investment; to reduce reporting 

burden; to clarify reporting concepts and instructions; and to 

improve the quality of the series by closing known gaps in 

the data. Notices of these changes and requests for public 

comments on them were published in the Federal Register

last year and some modifications were made in response to 

the comments received. A detailed outline of the changes 

affecting each form may be accessed on the TIC website.
CAPITAL MOVEMENTS 67

Banks, other depository institutions, and securities brokers

and dealers file monthly B-series reports covering their dollar 

liabilities to, and dollar claims on foreigners in a number of 

countries. Twice a year, June 30 and December 31, they also 

report the same liabilities and claims items attributed to

foreigners in countries not shown separately on the monthly 

reports. Quarterly reports are filed for liabilities and claims 

denominated in foreign currencies and for claims on

foreigners held for respondents’ domestic customers. All

positions are exclusive of long-term securities. Beginning

January 2001, the exemption level applicable to the banking 

reports was raised from $15 million to $50 million. This

exemption level is also subject to the provision that reportable 

amounts for any one country do not exceed $25 million.

Banks and other depository institutions, securities

brokers and dealers, and other entities report their

transactions with foreigners by country in long-term 

securities on monthly Form S. Respondents must report

securities transactions with foreigners if their aggregate

purchases or their aggregate sales amount to at least $50 

million during the covered month. 

Quarterly reports are filed by exporters, importers,

industrial and commercial concerns, financial institutions

(other than banks, other depository institutions, and

securities firms), and other nonbanking enterprises on their 

liabilities and claims positions with foreigners. Except as 

noted below under “Description of statistics,” the reportable 

liabilities and claims positions are with unaffiliated

foreigners. Separate reports are filed for financial balances 

and for commerc ial balances. Effective for reports filed as of 

March 31, 2003, the threshold applicable to Form CQ-1 for 

reporting financial liabilities to, and claims on, foreigners is 

$50 million, up from $10 million. At the same time, the 

reporting threshold for Form CQ-2, which covers

commercial liabilities and claims positions with foreigners, 

was raised from $10 million to $25 million.

The data in these tables do not cover all types of reported 

capital movements between the United States and other

countries. Except as noted in Section IV in “Description of 

statistics” below, the principal exclusions are the

intercompany capital transactions of nonbanking business 

enterprises in the United States with their own branches and 

subsidiaries abroad or with their foreign parent companies 

(own foreign offices) and capital transactions of the U.S. 

Government. Consolidated data on all types of international 

capital transactions are published by the Department of

Commerce in its regular reports on the U.S. balance of

payments.

Description of statistics

Data collected on the TIC forms are published in the

“Capital Movements” tables in five sections. Each section 

contains all the data relevant to the same statistical series, 

with tables showing time series by type and country, and 

detailed breakdowns of the latest available data.

• Section I covers liabilities to foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

all domestic nonbank, non-securities firm affiliates, other

than their insurance affiliates, which report separately on the 

C-series forms. Dollar-denominated liabilities are reported 

monthly on Forms BL-1 and BL-2. Liabilities denominated 

in foreign currencies are reported quarterly on Form BQ-2. 

Respondents report certain of their own liabilities and a wide 

range of their custody liabilities to foreigners. Effective with 

reports filed as of February 28, 2003, coverage was

broadened to cover the positions of U.S. broker-dealer 

respondents with their affiliated foreign offices. (Depository 

institutions and BHCs/FHCs already reported such

positions.) The scope of the reports was also extended to 

include cross-border brokerage balances as well as offshore 

sweep accounts and loans to U.S. residents in “managed” 

foreign offices of U.S. reporting institutions. Additionally, in 

a new Part 2, Form BQ-2 was expanded to include the

foreign currency-denominated liabilities held by respondents 

for their domestic customers. Further, banks’ own positions 

have been defined to be consistent with regulatory reports 

such as the FR 2950/2951 to include all amounts in the

respondent’s “due to/due from” accounts, unless in an

instrument that is specifically excluded. Finally, the columns 

for demand deposits and non-transactions accounts are now 

combined, as are short-term U.S. agency securities and other 

negotiable and readily transferable instruments.

• Section II presents claims on foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

their domestic nonbank and non-securities firm affiliates, 

other than their insurance affiliates, which report separately 

on the C-series forms. Data on respondents’ own dollar

claims are collected monthly on Form BC. Information on 

claims held for domestic customers as well as on claims 

denominated in foreign currencies is collected on a quarterly 

basis only on Forms BQ-1 and BQ-2, respectively. Effective 

with reports filed as of February 28, 2003, reporting

coverage was expanded as outlined in Section I.

Additionally, columns were added for separate reporting of 

negotiable CDs and other short-term negotiable instruments 

issued by foreigners. Further, the foreigner category, 

“foreign official institutions,” replaced the former, broader 

category, “foreign public borrowers,” for consistency with 

the liabilities reporting on this sector.

• Section III contains supplementary data on dollar 

liabilities to, and dollar claims on, countries not listed

separately on the monthly reports submitted by banks, other 

depository institutions, and securities brokers and dealers in 

the United States. The supplementary reports are filed

semiannually as of the end of June and December.

• Section IV shows the liabilities to, and claims on, 

unaffiliated foreigners of exporters, importers, industrial and 

commercial concerns, financial institutions (other than
68 CAPITAL MOVEMENTS

banks, other depository institutions, and securities brokers

and dealers), and other nonbanking enterprises in the United 

States. Data exclude claims on foreigners held by banks in 

the United States.

Historically, the information does not include any

accounts of nonbanking enterprises in the United States with 

their own branches and subsidiaries abroad or with their 

foreign parent companies. These are reported by business 

enterprises to Commerce on its direct investment forms.

However, effective with reports filed as of March 31, 2003, 

a number of changes were introduced in the coverage and 

reporting formats of nonbanking forms. A major revision is 

the addition of Section B to Form CQ-1 to capture foreign 

affiliate positions (including those with affiliates of the

respondent’s parent) of insurance underwriting subsidiaries 

and financial intermediaries. Insurance underwriting

subsidiaries of BHCs/FHCs now include positions vis-à-vis 

all foreign-resident affiliates. From end-March 2003

forward, financial intermediaries are to report positions visà-vis all foreign-resident affiliated financial intermediaries.

• Section V contains information on transactions with 

foreigners in long-term domestic and foreign securities as 

reported by banks, securities brokers and dealers, and other 

entities in the United States. The data cover transactions 

executed in the United States for the accounts of foreigners 

and transactions executed abroad for the accounts of

reporting institutions and their domestic customers. This

includes transactions in newly-issued securities as well as 

transactions in, and redemptions of, outstanding issues.

However, the data do not include nonmarketable Treasury 

bonds and notes shown in table IFS-3.

The geographical allocation of the transactions data

indicates the country of location of the foreign buyers and 

sellers who deal directly with reporting institutions in the 

United States. The data do not necessarily indicate the

country of beneficial owner or issuer, or the currency of 

denomination of securities. For instance, a U.S. purchaser’s 

order for Japanese securities may be placed directly with an 

intermediary in London. In this instance, the transaction for 

Form S reporting purposes would be recorded opposite the 

United Kingdom and not opposite Japan. Similarly,

purchases and sales of U.S. securities for the account of an 

Italian resident may be placed, for example, in the Swiss 

market. In that case, the trades would be reported opposite 

Switzerland and not opposite Italy.

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities and on 

the gross foreign liabilities and claims reported by banks in 

the United States are available on the TIC website:

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital mo vements tables. Also

available on this website are other series, including a table 

on “Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the 

TIC website are updated monthly.
CAPITAL MOVEMENTS 69

SECTION I.—Liabilities to Foreigners Reported by Banks

in the United States

Table CM-I-1.—Total Liabilities by Type and Holder

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

2004

Type of Liability

 Calendar

 Year

 2003 r Mar. r Apr. r May r June July Aug. Sept. p

Total liabilities to all foreigners................................ 2,374,931 2,555,535 2,599,215 2,586,131 2,597,632 2,645,511 2,681,392 2,650,918

Payable in dollars .............................................. 2,312,246 2,487,417 2,531,097 2,518,013 2,533,777 2,581,656 2,617,537 2,587,063

Foreign official institutions 1............................... 401,926 434,151 423,418 426,000 440,629 444,333 445,162 445,682

Deposits, excluding negotiable CDs.................24,142 25,276 25,794 28,418 28,765 25,747 24,207 23,683

U.S. Treasury bills and certificates................... 212,025 231,604 224,750 232,899 231,893 230,307 237,598 232,197

Other liabilities ............................................ 165,759 177,271 172,874 164,683 179,971 188,279 183,357 189,802

Foreign banks (including own foreign

 offices) and other foreigners............................ 1,896,171 2,039,131 2,093,775 2,078,026 2,078,226 2,123,744 2,160,869 2,129,152

Deposits, excluding negotiable CDs................. 818,478 824,053 845,015 834,492 866,492 889,350 910,708 868,624

U.S. Treasury bills and certificates...................45,570 49,435 47,304 42,702 44,520 44,273 47,991 49,564

Other liabilities ............................................ 1,032,123 1,165,643 1,201,456 1,200,832 1,167,214 1,190,121 1,202,170 1,210,964

International and regional organizations 2.............14,149 14,135 13,904 13,987 14,922 13,579 11,506 12,229

Deposits, excluding negotiable CDs................. 6,134 9,437 7,178 7,103 7,268 5,704 4,909 5,275

U.S. Treasury bills and certificates................... 110 727 555 916 742 683 855 1,209

Other liabilities ............................................ 7,905 3,971 6,171 5,968 6,912 7,192 5,742 5,745

Payable in foreign currencies 3..............................62,685 68,118 68,118 68,118 63,855 63,855 63,855 63,855

Sector:

Banks and other foreigners............................54,666 61,899 61,899 61,899 60,173 60,173 60,173 60,173

International and regional organizations 2.............. 8,019 6,219 6,219 6,219 3,682 3,682 3,682 3,682

Major currencies:

Canadian dollars................................ 4,774 5,188 5,188 5,188 6,060 6,060 6,060 6,060

Euro.........................................................31,546 32,494 32,494 32,494 30,160 30,160 30,160 30,160

United Kingdom pounds sterling...................... 4,528 7,274 7,274 7,274 5,976 5,976 5,976 5,976

Japanese yen.............................................16,163 14,358 14,358 14,358 12,860 12,860 12,860 12,860

Memoranda:

Respondents’ own liabilities payable in

 dollars........................................................ 1,675,098 1,819,945 1,868,115 1,845,513 1,854,333 1,900,919 1,926,501 1,897,269

Liabilities to own foreign offices........................ 1,122,529 1,202,057 1,205,080 1,192,885 1,196,699 1,237,577 1,266,565 1,215,195

Liabilities collaterized by repurchase

 agreements ............................................. 462,860 530,711 567,137 562,032 549,384 586,997 599,546 599,536

Foreign official institutions 1.........................83,002 88,929 90,459 80,285 98,688 106,182 97,286 107,938

Foreign banks and other foreigners............... 375,118 440,940 475,397 480,309 449,157 477,956 499,960 489,891

International and regional organizations 2............. 4,740 842 1,281 1,438 1,539 2,859 2,300 1,707

Reported by IBFs............................................ 367,190 407,856 381,794 372,906 392,130 426,797 426,726 398,262

Respondents’ own liabilities payable in

 foreign currencies 3................................ 61,158 62,950 62,950 62,950 59,555 59,555 59,555 59,555

Reported by IBFs............................................36,689 39,280 39,280 39,280 34,121 34,121 34,121 34,121

Liabilities held in custody for domestic

 customers ................................................... 638,675 672,640 668,150 677,668 683,744 685,037 695,336 694,094

Payable in dollars................................ 637,148 667,472 662,982 672,500 679,444 680,737 691,036 689,794

Payable in foreign currencies 3........................ 1,527 5,168 5,168 5,168 4,300 4,300 4,300 4,300

1

 Includes Bank for International Settlements. 

2

 Principally the International Bank for Reconstruction and Development (World Bank)

and the Inter-American Development Bank.

3

 Data may be as of preceding quarter-end for most recent month shown in table.
70 CAPITAL MOVEMENTS

TABLE CM-I-2.—Total Liabilities by Country

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Calendar year 2004

Country 2001 2002 2003 r May June July Aug. Sept. p

Europe:

Austria............................................................ 3,277 2,862 4,834 5,057 4,391 4,957 5,055 5,439

Belgium 1......................................................... 6,852 9,641 9,630 10,116 14,226 10,160 9,481 10,767

Bulgaria........................................................... 267 219 223 210 203 265 141 190

Czech Republic................................ 612 531 2,357 2,200 2,267 2,071 1,754 1,334

Denmark.......................................................... 3,778 5,115 3,793 2,171 1,901 2,066 3,019 4,422

Finland............................................................ 1,446 1,711 1,818 1,135 2,135 2,571 2,603 995

France............................................................ 57,924 44,098 41,757 43,345 47,943 52,744 49,408 49,555

Germany ......................................................... 26,296 42,235 53,523 56,164 59,828 57,484 59,622 60,433

Greece............................................................ 2,308 2,996 1,256 1,459 1,804 1,729 2,080 1,589

Hungary .......................................................... 730 439 346 700 296 298 607 736

Ireland ............................................................ 16,694 33,146 31,382 44,753 41,931 42,261 41,627 45,894

Italy................................................................ 7,243 6,098 6,621 8,692 10,492 9,395 7,853 7,867

Luxembourg 1................................ 17,107 32,943 37,021 39,515 39,197 38,053 39,451 38,984

Netherlands................................ 12,660 11,419 18,305 27,963 18,216 17,348 18,696 15,075

Norway ........................................................... 3,746 18,907 22,467 27,307 44,670 46,318 22,814 37,903

Poland............................................................ 3,695 4,205 3,723 5,978 4,682 4,146 4,722 6,007

Portugal .......................................................... 4,082 3,676 991 1,307 1,497 1,057 1,372 1,087

Romania.......................................................... 1,481 1,919 574 389 842 737 1,148 1,434

Russia 2........................................................... 20,808 23,158 41,692 45,455 49,802 51,819 52,253 58,807

Serbia and Montenegro (formerly

Yugoslavia) 3................................ 309 301 160 89 104 103 112 96

Spain.............................................................. 9,251 14,499 10,311 9,319 9,205 9,314 12,037 9,757

Sweden........................................................... 3,451 4,697 7,370 6,108 7,780 7,724 5,851 7,294

Switzerland................................ 67,379 133,546 111,643 106,659 111,775 141,243 139,356 112,180

Turkey ............................................................ 7,486 12,132 13,746 9,698 8,766 8,894 9,754 9,518

United Kingdom................................ 222,032 203,237 344,189 427,234 408,502 414,965 438,727 452,208

Channel Islands and Isle of Man 4.......................... 36,307 47,820 20,812 22,079 22,527 24,084 21,788 21,407

Other Europe................................ 19,397 25,108 17,498 23,371 25,329 23,033 21,009 22,435

Total Europe................................

556,618 686,658 808,042 928,473 940,311 974,839 972,340 983,413

Canada..............................................................

31,529 32,221 37,604 34,337 35,494 33,899 32,879 37,191

Latin America:

Argentina......................................................... 10,786 10,938 9,877 10,737 11,231 11,180 11,578 11,571

Brazil.............................................................. 15,219 11,332 17,838 24,816 19,771 20,499 19,399 17,506

Chile............................................................... 4,993 6,194 4,481 5,514 5,426 6,126 5,997 5,934

Colombia......................................................... 4,716 4,174 4,271 4,128 4,487 4,059 4,507 4,492

Ecuador.......................................................... 2,396 2,307 2,609 2,555 2,433 2,451 2,550 2,605

Guatemala....................................................... 1,900 1,396 1,547 1,582 1,552 1,690 1,690 1,466

Mexico............................................................ 40,548 37,374 36,490 33,663 35,000 35,543 36,943 34,935

Panama.......................................................... 3,646 3,903 4,111 3,749 3,631 3,709 3,818 3,858

Peru............................................................... 1,368 1,366 1,399 1,446 1,574 1,573 1,463 1,540

Uruguay .......................................................... 3,222 2,822 3,685 3,816 3,999 4,158 4,529 3,951

Venezuela........................................................ 25,311 22,540 21,531 24,332 24,847 25,916 23,590 23,847

Other Latin America 5................................ 6,311 6,415 5,986 5,937 6,066 6,305 6,209 6,384

Total Latin America................................

120,416 110,761 113,825 122,275 120,017 123,209 122,273 118,089

Caribbean:

Bahamas ......................................................... 179,382 164,133 157,642 152,917 157,577 154,313 142,462 146,903

Bermuda......................................................... 10,611 25,281 39,105 52,879 44,019 49,686 65,497 58,427

British West Indies 6................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6................................ 445,040 639,443 744,101 813,441 828,239 828,366 840,177 822,606

Cuba.............................................................. 88 91 96 96 51 51 51 75

Jamaica.......................................................... 1,222 840 720 908 814 812 864 920

Netherlands Antilles ................................ 3,273 5,011 8,937 5,309 5,117 2,552 2,660 3,162

Trinidad and Tobago................................ 1,281 1,420 1,258 1,560 1,607 1,593 1,244 1,388

Other Caribbean 5................................ 12,208 11,757 27,579 32,164 31,201 31,792 35,824 36,883

Total Caribbean................................

653,105 847,976 979,438 1,059,274 1,068,625 1,069,165 1,088,779 1,070,364

See footnotes at end of table.
CAPITAL MOVEMENTS 71

TABLE CM-I-2.—Total Liabilities by Country, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Calendar year 2004

Country 2001 2002 2003 r May June July Aug. Sept. p

Asia:

China:

Mainland................................ 10,498 15,483 13,176 16,350 22,869 22,712 35,373 36,624

Taiwan................................ 17,657 18,708 26,296 27,305 22,322 21,477 22,713 21,662

Hong Kong................................ 26,706 33,365 49,729 44,364 47,375 49,506 38,178 40,250

India............................................................... 3,676 7,968 14,522 10,369 10,635 10,244 11,181 10,977

Indonesia................................ 12,424 14,123 14,375 12,018 11,105 10,000 9,435 8,268

Israel.............................................................. 7,908 7,505 12,207 15,597 15,537 12,125 14,242 12,789

Japan............................................................. 173,640 176,331 168,469 173,809 172,559 176,669 185,446 175,667

Korea.............................................................. 9,035 8,978 12,625 10,905 12,752 13,259 14,274 10,890

Lebanon.......................................................... 563 651 673 745 758 695 810 646

Malaysia.......................................................... 1,299 1,221 1,649 1,996 2,269 2,010 2,153 2,224

Pakistan.......................................................... 1,971 2,093 2,959 3,514 2,088 1,125 1,537 1,615

Philippines ................................ 1,777 1,813 1,603 1,880 1,723 1,710 1,592 1,661

Singapore................................ 16,872 17,676 23,619 23,536 20,720 22,183 20,559 22,117

Syria.............................................................. 67 35 21 19 17 24 23 19

Thailand.......................................................... 4,757 7,607 7,198 6,650 6,939 9,121 10,380 9,491

Oil-exporting countries 7................................ 19,334 18,893 24,557 25,047 22,217 25,351 31,176 29,055

Other Asia................................ 5,785 6,819 7,653 6,261 6,530 5,973 6,083 6,185

Total Asia................................

313,969 339,269 381,331 380,365 378,415 384,184 405,155 390,140

Africa:

Congo (formerly Zaire)................................ 4 2 18 10 44 4 4 4

Egypt.............................................................. 2,783 2,655 2,336 2,988 2,993 2,898 2,723 2,421

Ghana............................................................. 133 312 595 453 423 494 397 460

Liberia............................................................. 229 141 177 129 128 157 165 145

Morocco.......................................................... 274 306 376 100 110 154 104 95

South Africa................................ 715 1,118 3,727 4,203 4,132 3,675 4,019 3,818

Oil-exporting countries 8................................ 4,461 4,466 3,613 5,488 5,123 6,245 6,399 6,265

Other Africa................................ 2,734 3,361 3,099 2,949 2,762 2,759 2,858 3,150

Total Africa................................

11,333 12,361 13,941 16,320 15,715 16,386 16,669 16,358

Other countries:

Australia.......................................................... 5,072 12,055 14,042 17,306 13,883 19,804 21,166 11,903

New Zealand 9................................ 318 1,918 2,584 1,921 1,849 1,967 2,182 2,609

All other........................................................... 413 263 1,956 5,654 4,719 4,797 4,761 4,940

Total other countries................................

5,803 14,236 18,582 24,881 20,451 26,568 28,109 19,452

Total foreign countries................................

1,692,773 2,043,482 2,352,763 2,565,925 2,579,028 2,628,250 2,666,204 2,635,007

International and regional

organizations:

International ................................ 15,508 20,464 18,437 18,152 16,359 15,202 13,187 13,823

European regional................................ 689 1,511 449 416 390 395 357 388

Latin American regional................................480 507 502 581 493 459 418 392

Caribbean regional 10................................ 84 67 63 82 52 76 85 70

Asian regional................................ 213 85 2,221 156 302 243 212 239

African regional................................ 33 15 496 819 1,008 886 929 983

Middle Eastern regional................................

 - - - - - - - 16

Total international

and regional................................

17,007 22,649 22,168 20,206 18,604 17,261 15,188 15,911

Grand total................................ 1,709,780 2,066,131 2,374,931 2,586,131 2,597,632 2,645,511 2,681,392 2,650,918

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.”

3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former 

Yugoslav Republic of Macedonia.

4Before January 2001, data included in United Kingdom.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.”

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States).

8

 Includes Algeria, Gabon, Libya, and Nigeria.

9

 Before January 2001, data included in “All other.”

10 Before January 2001, included in “Latin American regional.”
72 CAPITAL MOVEMENTS

TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2004, Preliminary

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Liabilities payable in dollars

Total liabilities

To foreign official institutions

and foreign banks To all other foreigners Memoranda

Totals

Country

 Total

 (1)

 

Payable

 in

 dollars

 (2)

 Payable

 in

 foreign

 curren-

 cies 1

 (3)

Own

 liabilities

 (4)

 Custody

 liabilities

 (5)

Nonnegotiable

deposits

and 

brokerage 

balances 2

 (6)

 Short-

 term

 U.S.

 Treasury

obligations 3

(7)

 Other 

 liabilities

 (8)

Nonnegotiable

deposits 

and 

brokerage 

balances 2

(9)

Shortterm

U.S.

Treasury 

obligations 3

(10)

 Other

 liabilities

 (11)

Liabilities

to own

foreign 

offices

(12)

Negotiable 

CDs

held for

all foreigners

(13)

Europe:

Austria................................ 5,439 5,423 16 1,424 3,999 307 301 4,417 197 51 150 - 3,381

Belgium 4................................10,767 10,400 367 8,492 1,908 1,920 393 5,462 250 124 2,251 999 858

Bulgaria................................ 190 190 - 170 20 59 - 122 9 - - 2 -

Czech Republic................................ 1,334 1,287 47 133 1,154 54 500 706 26 - 1 10 1

Denmark................................ 4,422 4,413 9 3,508 905 78 481 3,659 148 32 15 539 128

Finland................................ 995 989 6 200 789 63 99 558 34 25 210 21 457

France................................ 49,555 48,096 1,459 32,913 15,183 8,600 9,777 14,609 1,404 115 13,591 13,411 705

Germany ................................60,433 54,240 6,193 47,426 6,814 13,570 1,246 29,155 1,877 1,448 6,944 25,044 2,233

Greece................................ 1,589 1,527 62 1,341 186 530 120 296 518 6 57 237 54

Hungary ................................ 736 720 16 278 442 171 230 75 32 211 1 75 -

Ireland ................................ 45,894 45,776 118 12,458 33,318 2,788 556 1,784 847 4,073 35,728 393 6,045

Italy................................................................ 7,867 7,691 176 4,543 3,148 2,497 1,993 2,471 609 10 111 1,676 850

Luxembourg 4................................ 38,984 38,896 88 22,158 16,738 7,497 4,938 7,847 282 312 18,020 17,163 535

Netherlands................................ 15,075 13,193 1,882 8,235 4,958 1,648 238 3,623 2,130 358 5,196 3,843 1,992

Norway ................................ 37,903 37,527 376 36,739 788 205 29 34,465 65 3 2,760 - 306

Poland................................ 6,007 5,987 20 2,265 3,722 464 2,550 2,912 48 - 13 33 -

Portugal ................................ 1,087 901 186 831 70 523 - 97 210 - 71 67 -

Romania................................ 1,434 1,427 7 547 880 43 - 1,359 21 4 - 8 -

Russia 5................................ 58,807 58,789 18 11,265 47,524 2,454 150 55,981 197 2 5 57 2

Serbia and Montenegro

 (formerly Yugoslavia) 6................................ 96 96 - 96 - 25 - 49 18 - 4 - -

Spain................................ 9,757 9,321 436 8,268 1,053 2,224 419 5,394 977 35 272 1,901 426

Sweden................................ 7,294 7,273 21 5,307 1,966 250 93 5,005 183 106 1,636 144 1,719

Switzerland................................ 112,180 110,664 1,516 102,219 8,445 95,765 2,680 4,084 3,686 3,614 835 98,236 644

Turkey ................................ 9,518 9,511 7 1,306 8,205 624 8,120 592 91 17 67 47 34

United Kingdom................................ 452,208 438,782 13,426 425,101 13,681 121,256 764 136,491 9,460 3,234 167,577 304,846 3,595

Channel Islands and Isle 

 of Man 7................................21,407 21,307 100 20,460 847 19,750 138 182 158 415 664 19,664 99

Other Europe................................ 22,435 22,372 63 10,947 11,425 5,390 10,053 5,869 459 233 368 123 42

Total Europe................................

983,413 956,798 26,615 768,630 188,168 288,755 45,868 327,264 23,936 14,428 256,547 488,539 24,106

Canada...............................................................

37,191 34,728 2,463 22,892 11,836 5,235 5,113 12,863 3,119 1,013 7,385 11,733 400

Latin America:

Argentina ................................11,571 11,434 137 9,065 2,369 359 1,032 1,559 7,950 274 260 290 174

Brazil................................ 17,506 15,702 1,804 14,995 707 6,143 202 3,923 4,658 133 643 1,990 88

Chile............................................................... 5,934 5,872 62 4,450 1,422 1,028 30 1,404 2,834 355 221 241 131

Colombia................................ 4,492 4,442 50 3,757 685 255 13 924 3,020 55 175 103 173

Ecuador................................ 2,605 2,597 8 2,428 169 365 - 480 1,672 2 78 165 29

Guatemala................................1,466 1,444 22 1,264 180 256 127 210 807 9 35 54 14

Mexico................................ 34,935 33,714 1,221 21,777 11,937 3,622 6,524 6,509 14,360 479 2,220 1,618 422

Panama................................ 3,858 3,842 16 3,189 653 1,005 25 369 1,780 166 497 815 106

Peru............................................................... 1,540 1,536 4 1,331 205 188 3 130 1,019 152 44 87 32

Uruguay................................ 3,951 3,930 21 3,470 460 695 227 1,339 1,405 154 110 1,180 47

Venezuela................................23,847 23,549 298 17,197 6,352 4,279 4,909 1,160 11,705 138 1,358 316 134

Other Latin America................................ 6,384 6,343 41 5,610 733 2,335 104 922 2,736 30 216 118 519

Total Latin America................................

118,089 114,405 3,684 88,533 25,872 20,530 13,196 18,929 53,946 1,947 5,857 6,977 1,869

Caribbean:

Bahamas ................................ 146,903 144,692 2,211 141,643 3,049 113,846 363 20,454 4,996 518 4,515 117,439 278

Bermuda................................58,427 57,532 895 40,034 17,498 1,125 347 4,429 3,951 1,952 45,728 11,176 621

Cayman Islands 8................................ 822,606 814,586 8,020 614,918 199,668 249,248 216 406,908 15,916 6,653 135,645 498,415 3,242

Cuba............................................................... 75 75 - 75 - 12 - 4 51 - 8 - -

Jamaica................................ 920 806 114 781 25 388 - 213 179 11 15 18 9

Netherlands Antilles ................................ 3,162 3,121 41 2,861 260 1,167 - 506 709 28 711 629 23

Trinidad and Tobago................................ 1,388 1,382 6 1,271 111 555 9 395 233 23 167 141 27

Other Caribbean................................ 36,883 36,659 224 23,601 13,058 3,504 358 3,043 7,180 2,480 20,094 314 3,564

Total Caribbean................................

1,070,364 1,058,853 11,511 825,184 233,669 369,845 1,293 435,952 33,215 11,665 206,883 628,132 7,764

See footnotes at end of table.
CAPITAL MOVEMENTS 73

TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2004, Preliminary, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Liabilities payable in dollars

Total liabilities

To foreign official institutions

and foreign banks To all other foreigners Memoranda

Totals

Country

 Total

 (1)

 Payable

 in

 dollars

 (2)

Payable

 in

foreign

currencies 1

(3)

Own

liabilities

(4)

Custody

liabilities

(5)

Nonnegotiable

deposits 

and 

brokerage 

balances 2

(6)

Shortterm

U.S.

Treasury

obligations 3

(7)

Other

liabilities

(8)

Nonnegotiable

deposits 

and 

brokerage 

balances 2

 (9)

Shortterm

U.S.

Treasury 

obligations 3

(10)

Other

liabilities

(11)

Liabilities

to own

foreign 

offices

(12)

Negotiable 

CDs

held for

all foreigners

(13)

Asia:

China:

Mainland................................ 36,624 36,624 - 21,124 15,500 2,815 11,514 20,679 687 49 880 4,839 67

Taiwan ................................ 21,662 21,646 16 19,025 2,621 4,106 1,896 11,416 3,831 38 359 1,456 250

Hong Kong................................ 40,250 39,805 445 16,638 23,167 12,412 15,791 7,773 2,364 253 1,212 9,764 235

India................................ 10,977 10,977 - 2,141 8,836 938 6,025 2,518 483 2 1,011 543 4

Indonesia................................ 8,268 8,266 2 1,392 6,874 725 3,466 3,510 559 1 5 263 8

Israel................................ 12,789 12,774 15 5,662 7,112 793 5,937 3,553 1,577 296 618 782 296

Japan................................ 175,667 170,065 5,602 50,581 119,484 21,436 113,746 27,744 3,826 596 2,717 34,304 349

Korea................................ 10,890 10,875 15 4,976 5,899 1,916 1,532 6,887 409 5 126 1,848 188

Lebanon................................ 646 638 8 623 15 212 - 324 88 1 13 6 7

Malaysia ................................ 2,224 2,195 29 1,440 755 539 714 878 57 2 5 83 -

Pakistan................................ 1,615 1,606 9 594 1,012 371 915 187 73 1 59 194 27

Philippines................................ 1,661 1,657 4 1,351 306 464 115 399 510 11 158 70 28

Singapore................................ 22,117 20,314 1,803 16,061 4,253 10,902 1,726 4,655 614 721 1,696 12,292 126

Syria................................ 19 19 - 18 1 2 - - 16 - 1 - 1

Thailand................................ 9,491 9,490 1 1,384 8,106 490 7,953 630 274 42 101 122 3

Other Asia................................ 35,240 31,897 3,343 20,746 11,151 11,497 7,069 8,771 898 1,039 2,623 8,515 1,925

Total Asia................................

390,140 378,848 11,292 163,756 215,092 69,618 178,399 99,924 16,266 3,057 11,584 75,081 3,514

Africa:

Congo (formerly Zaire)................................ 4 4 - 4 - 2 - - 2 - - 1 -

Egypt................................ 2,421 2,421 - 1,255 1,166 628 962 533 282 2 14 179 24

Ghana................................460 460 - 281 179 64 179 201 15 - 1 - -

Liberia................................145 145 - 76 69 5 - 5 66 38 31 2 15

Morocco................................95 95 - 93 2 50 - 19 26 - - 1 -

South Africa................................ 3,818 3,807 11 3,803 4 1,052 - 2,579 172 1 3 3,102 3

Other Africa................................ 9,415 9,389 26 4,728 4,661 2,332 4,097 2,192 497 102 169 255 238

Total Africa................................

16,358 16,321 37 10,240 6,081 4,133 5,238 5,529 1,060 143 218 3,540 280

Other countries:

Australia................................ 11,903 11,771 132 6,003 5,768 1,431 72 8,715 413 247 893 838 3,024

New Zealand................................ 2,609 2,470 139 2,157 313 424 15 1,642 154 37 198 327 6

All other................................ 4,940 640 4,300 544 96 66 30 157 161 - 226 28 3

Total other countries................................

19,452 14,881 4,571 8,704 6,177 1,921 117 10,514 728 284 1,317 1,193 3,033

Total foreign

countries................................

2,635,007 2,574,834 60,173 1,887,939 686,895 760,037 249,224 910,975 132,270 32,537 489,791 1,215,195 40,966

International and

regional orgs.:

International................................ 13,823 10,190 3,633 8,411 1,779 - - - 4,650 1,135 4,405 - 231

European regional................................ 388 388 - 375 13 - - - 370 13 5 - -

Latin American regional................................ 392 343 49 288 55 - - - 210 - 133 - 55

Caribbean regional................................ 70 70 - 57 13 - - - 31 10 29 - -

Asian regional................................ 239 239 - 149 90 - - - 8 3 228 - -

African regional................................ 983 983 - 50 933 - - - 6 32 945 - -

Middle Eastern regional................................ 16 16 - - 16 - - - - 16 - - -

Total international

and regional................................

15,911 12,229 3,682 9,330 2,899 - - - 5,275 1,209 5,745 - 286

Grand total................................ 2,650,918 2,587,063 63,855 1,897,269 689,794 760,037 249,224 910,975 137,545 33,746 495,536 1,215,195 41,252

1

 These data as of June 30, 2004.

2

 Excludes negotiable time certificates of deposit, which are included in “Other Liabilities.” 

3

 U.S. Treasury bills and certificates held in custody for the account of oil-exporting 

countries in “Other Asia” and “Other Africa” amount to $1,972 million.

4

 Before January 2001, combined data reported for Belgium-Luxembourg.

5

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.”

6

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the former 

Yugoslav Republic of Macedonia.

7Before January 2001, data included in United Kingdom.

8

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.
74 CAPITAL MOVEMENTS

0

100

200

300

400

500

600

700

800

900

1000

1100

2000 2001 2002 2003 Sept. 2004

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

CHART CM-A.—U.S. Liabilities to Foreigners

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries

[In millions of dollars. Source: Treasury International Capital Reporting System]

Calendar years

Country 2000 2001 2002 2003 Sept. 2004

United Kingdom................................ 187,145 222,032 203,237 344,189 452,208

All other Europe................................294,716 334,586 483,421 463,853 531,205

Caribbean banking centers 1,2................................ 593,499 641,952 837,771 953,896 1,034,956

Japan................................................................ 162,449 173,640 176,331 168,469 175,667

All other Asia................................ 158,524 140,329 162,938 212,862 214,473

Subtotal................................

1,396,333 1,512,539 1,863,698 2,143,269 2,408,509

All other countries ................................

192,856 197,241 202,433 231,662 242,409

Grand total................................ 1,589,189 1,709,780 2,066,131 2,374,931 2,650,918

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format.

U.S. banking liabilities to 

foreigners, excluding long-term 

securities, were recorded at 

about $2.7 trillion in September 

2004, an increase of about $276 

billion from yearend 2003. U.S. 

banking liabilities increased 

about $309 billion in 2003. 

Much of the increase in 

liabilities to foreigners in 2003 

reflects changes to the reporting 

scope of the TIC reporting 

system effective February 2003. 

Between March and December 

of 2003, when data were 

reported on a consistent basis, 

banking liabilities increased 

about $127 billion. 

U.S. banking liabilities are 

concentrated in international 

financial centers. The data on 

this page show that more than 

half of U.S. banking liabilities 

is currently recorded against the 

United Kingdom and banking 

centers in the Caribbean. These 

financial centers have recorded 

most of the growth in banking 

liabilit ies in recent years, and 

also recorded most of the 

reported increase in liabilities in 

2003. Foreigners domiciled in 

the rest of Europe and in Asia 

account for about 35 percent of 

U.S. banking liabilities.
CAPITAL MOVEMENTS 75

SECTION II.—Claims on Foreigners Reported by Banks in the United States

Table CM-II-1.—Total Claims by Type

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

2003 2004

Type of Claim

 Calendar

 Year

 2002 June r Sept. r Dec. r Mar. June p

Total claims......................................................... 1,516,742 1,768,827 1,742,234 1,708,373 1,881,507 1,944,789

Payable in dollars................................................ 1,409,095 1,658,632 1,641,415 1,605,059 1,774,207 1,824,952

Own claims on foreigners................................ 1,185,445 1,365,302 1,359,278 1,320,455 1,501,084 1,507,337

Foreign official institutions................................ n.a. 44,391 50,564 52,005 67,262 69,326

Foreign public borrowers ................................ 48,765 n.a. n.a. n.a. n.a. n.a.

Foreign banks, including own foreign 

offices ....................................................... 970,357 1,038,591 1,024,591 982,286 1,115,984 1,110,786

All other foreigners.......................................... 166,323 282,320 284,123 286,164 317,838 327,225

Claims of domestic customers................................ 223,650 293,330 282,137 284,604 273,123 317,615

Payable in foreign currencies ................................ 107,647 110,195 100,819 103,314 107,300 119,837

Own claims on foreigners................................ 71,724 84,798 77,097 77,883 80,325 85,779

of which:

Canadian dollars............................................. 7,614 10,114 9,472 12,652 10,896 11,763

Euros........................................................... 40,858 42,355 41,125 37,032 37,941 38,116

United Kingdom pounds sterling....................... 6,809 11,841 5,900 6,831 8,151 9,963

Japanese yen................................................ 9,008 13,508 15,053 16,550 18,401 20,478

Claims of domestic customers................................ 35,923 25,397 23,722 25,431 26,975 34,058

of which:

Canadian dollars............................................. 9,032 2,395 1,955 2,593 2,373 1,616

Euros........................................................... 12,019 14,516 10,030 11,196 13,176 14,565

United Kingdom pounds sterling......................... 2,863 1,951 3,194 2,674 2,093 2,076

Japanese yen................................................ 7,362 3,406 3,540 3,487 3,817 8,806

Memoranda:

Total own claims on foreigners............................... 1,257,169 1,450,100 1,436,375 1,398,338 1,581,409 1,593,116

Non-negotiable deposits ................................ n.a. 546,152 545,101 538,742 591,849 605,453

Short-term negotiable instruments

 (payable in dollars).......................................... n.a. 7,621 5,084 5,704 6,699 8,184

Resale agreements ........................................... 161,585 310,317 343,778 344,753 415,593 408,471

Other ............................................................. n.a. 586,010 542,412 509,139 567,268 571,008

Claims on own foreign offices................................ 892,340 978,700 966,152 933,064 1,039,913 1,039,165

Claims reported by IBFs................................ 344,333 346,821 336,752 321,469 370,289 374,087

Payable in dollars.............................................. 313,450 319,216 312,776 293,898 339,341 341,329

Payable in foreign currencies............................... 30,883 27,605 23,976 27,571 30,948 32,758

Total claims held for domestic customers.................. 171,397 318,727 305,859 310,035 300,098 351,673

Non-negotiable deposits ................................ n.a. 155,933 136,461 142,595 131,645 152,456

Short-term negotiable instruments

 (payable in dollars).......................................... 137,289 128,801 137,874 135,515 134,193 163,483

Other ............................................................... 34,108 33,993 31,524 31,925 34,260 35,734
76 CAPITAL MOVEMENTS

TABLE CM-II-2.—Total Claims by Country

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

2002 2003 2004

Country

Calendar 

year

2001 Dec. Mar. r June r Sept. r Dec. r Mar. June p

Europe:

Austria.............................................................. 7,652 3,972 4,880 4,543 5,937 5,545 5,234 4,821

Belgium 1........................................................... 7,583 8,255 11,019 9,545 10,661 10,986 14,009 14,886

Bulgaria............................................................2 10 244 11 110 59 13 22

Czech Republic................................ 600 149 441 157 151 235 109 234

Denmark ........................................................... 3,461 2,228 3,405 4,793 4,802 4,038 2,565 3,741

Finland............................................................. 10,877 9,020 10,487 9,529 7,256 8,608 9,375 11,639

France.............................................................. 86,420 76,743 78,936 87,558 85,350 90,058 99,121 101,571

Germany ........................................................... 57,462 43,348 46,478 40,502 44,861 40,197 42,151 47,974

Greece............................................................. 554 653 483 342 250 245 215 264

Hungary ............................................................ 25 211 148 128 156 78 152 106

Ireland.............................................................. 9,122 4,990 7,343 7,298 13,730 13,784 16,179 18,178

Italy................................................................ 8,065 7,750 8,505 8,846 8,983 10,416 12,005 14,259

Luxembourg 1..................................................... 3,852 4,506 3,942 7,824 5,986 7,390 7,780 7,043

Netherlands ....................................................... 22,908 32,757 32,057 30,873 30,001 29,335 32,889 32,325

Norway ............................................................. 7,033 14,980 12,636 17,961 13,804 18,894 22,099 31,103

Poland.............................................................. 535 179 421 677 1,166 58 1,122 953

Portugal............................................................ 2,159 2,641 2,505 2,944 3,102 2,990 3,071 2,272

Romania........................................................... 99 107 131 160 138 192 187 194

Russia 2............................................................ 651 896 1,126 831 1,013 1,259 1,050 1,106

Serbia and Montenegro (formerly 

Yugoslavia) 3................................ - 9 - - 3 - 24 -

Spain................................................................ 4,767 8,696 5,559 6,495 6,576 4,604 4,953 8,333

Sweden............................................................ 20,660 22,789 23,053 22,215 23,141 19,647 23,142 24,729

Switzerland........................................................ 97,696 138,173 113,836 112,316 101,924 82,361 106,595 95,729

Turkey .............................................................. 3,370 3,305 3,554 3,384 3,401 2,210 3,305 3,267

United Kingdom ................................ 300,665 293,642 351,422 375,161 388,563 388,141 436,674 457,905

Channel Islands and Isle of Man 4........................... 4,513 17,775 35,402 49,277 48,819 44,337 50,445 49,081

Other Europe..................................................... 2,894 1,997 2,241 2,553 2,520 3,444 4,731 5,877

Total Europe................................

663,625 699,781 760,254 805,923 812,404 789,111 899,195 937,612

Canada...............................................................

77,121 94,126 82,921 78,635 81,832 77,123 79,459 82,619

Latin America:

Argentina........................................................... 11,587 7,053 6,479 6,319 5,502 4,265 3,832 3,828

Brazil............................................................... 20,846 16,070 16,726 17,398 17,618 16,539 18,405 17,248

Chile................................................................ 5,465 5,322 5,393 5,380 5,933 6,190 6,053 6,252

Colombia........................................................... 3,653 2,633 2,744 2,530 2,554 2,124 2,172 2,244

Ecuador............................................................ 507 469 508 502 427 419 424 454

Guatemala......................................................... 1,536 925 1,008 812 826 824 854 846

Mexico.............................................................. 16,920 16,249 15,698 15,164 14,297 14,279 13,660 12,212

Panama............................................................ 3,441 2,070 2,009 2,104 1,925 1,947 1,876 1,705

Peru................................................................ 2,201 1,424 1,419 1,562 1,408 1,397 1,383 1,663

Uruguay ............................................................ 459 276 334 344 437 476 411 389

Venezuela......................................................... 3,209 3,404 3,455 3,436 3,240 3,112 3,033 3,030

Other Latin America 5................................ 3,404 2,780 2,983 2,525 2,583 2,452 2,471 2,708

Total Latin America................................

73,228 58,675 58,756 58,076 56,750 54,024 54,574 52,579

Caribbean:

Bahamas........................................................... 103,541 96,358 118,511 126,147 115,056 104,469 100,768 97,503

Bermuda........................................................... 8,470 10,620 24,440 22,770 14,286 16,059 21,650 17,164

Cayman Islands 6................................ 300,422 417,363 490,937 514,103 491,657 490,262 538,452 568,690

Cuba................................................................ - - 96 93 - - - -

Jamaica............................................................ 418 321 381 331 402 377 388 457

Netherlands Antilles................................ 6,741 6,783 6,930 7,363 7,289 6,796 5,429 5,419

Trinidad and Tobago................................ 940 889 884 862 789 701 829 900

Other Caribbean 5................................ 3,791 3,453 3,515 4,520 3,691 5,113 6,052 6,834

Total Caribbean................................

424,323 535,787 645,694 676,189 633,170 623,777 673,568 696,967

See footnotes at end of table.
CAPITAL MOVEMENTS 77

TABLE CM-II-2.—Total Claims by Country, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

2002 2003 2004

Country

 Calendar

 year

 2001 Dec. Mar. r June r Sept. r Dec. r Mar. June p

Asia:

China:

Mainland................................ 2,138 1,110 11,098 7,282 9,650 4,264 10,508 9,700

Taiwan................................ 4,599 3,939 8,429 5,631 7,601 9,959 9,485 11,383

Hong Kong................................ 10,405 7,777 5,799 7,586 7,809 7,885 9,391 6,323

India................................................................ 1,477 1,314 1,190 1,529 1,786 1,772 2,135 2,471

Indonesia................................ 1,795 1,795 1,247 1,158 1,460 876 807 940

Israel................................................................ 6,984 6,979 5,602 6,998 5,389 7,362 7,728 5,682

Japan............................................................... 40,047 59,792 66,136 72,660 72,741 75,607 69,538 81,658

Korea............................................................... 10,786 11,209 13,201 7,138 7,292 11,505 19,898 14,362

Lebanon................................ 45 48 38 75 78 72 72 60

Malaysia................................ 731 921 1,226 1,318 1,386 1,133 1,207 1,427

Pakistan................................ 129 77 364 728 1,006 74 54 88

Philippines ................................ 2,598 2,180 2,699 1,601 1,455 2,301 1,817 1,529

Singapore................................ 3,513 4,425 4,147 4,321 6,836 8,329 9,037 8,968

Syria.............................................................. 3 2 2 2 2 2 2 21

Thailand................................ 2,544 1,443 1,661 1,556 2,122 1,295 1,205 816

Oil-exporting countries 7................................ 9,222 10,487 9,878 8,476 7,962 8,845 6,609 8,311

Other Asia................................ 357 246 212 206 131 194 133 180

Total Asia................................

97,373 113,744 132,929 128,265 134,706 141,475 149,626 153,919

Africa:

Congo (formerly Zaire)................................ - - - - - - - -

Egypt................................................................ 430 500 569 429 362 248 225 211

Ghana.............................................................. 25 12 13 17 16 17 11 11

Liberia.............................................................. 377 308 346 289 413 365 262 195

Morocco................................ 123 71 66 60 52 66 50 71

South Africa................................ 820 653 611 3,463 3,588 3,596 3,711 3,530

Oil-exporting countries 8................................ 175 238 266 230 223 158 218 161

Other Africa................................ 311 295 369 313 292 278 217 272

Total Africa................................

2,261 2,077 2,240 4,801 4,946 4,728 4,694 4,451

Other countries:

Australia................................ 8,057 7,793 7,673 10,069 10,522 10,658 11,387 11,530

New Zealand................................ 477 881 2,348 1,252 1,263 2,192 2,567 2,353

All other................................ 75 69 118 97 82 46 61 39

Total other countries ................................

8,609 8,743 10,139 11,418 11,867 12,896 14,015 13,922

Total foreign countries................................

1,346,540 1,512,933 1,692,933 1,763,307 1,735,675 1,703,134 1,875,131 1,942,069

International and regional orgs:

International................................ 4,322 3,291 4,235 4,303 5,446 3,971 5,238 2,116

European regional................................ 21 8 1 11 4 101 206 76

Latin American regional................................ 237 179 189 153 248 266 217 233

Caribbean regional................................ - - - - - - - -

Asian regional................................ 479 331 482 1,053 861 898 712 257

African regional................................ - - - - - - - 35

Middle Eastern regional................................

 - - - - - 3 3 3

Total international

 and regional................................

5,059 3,809 4,907 5,520 6,559 5,239 6,376 2,720

Grand total................................ 1,351,599 1,516,742 1,697,840 1,768,827 1,742,234 1,708,373 1,881,507 1,944,789

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.”

3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former 

Yugoslav Republic of Macedonia.

4

 Before January 2001, data included in United Kingdom

5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.”

6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States).

8

 Includes Algeria, Gabon, Libya, and Nigeria.
78 CAPITAL MOVEMENTS

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2004

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Respondents’ own claims

Memorandum Claims of domestic customers

Country

Total

claims

(1)

 

Total

(2)

Claims on

foreign 

official

institutions

and

foreign banks

(3)

Claims on

all other

foreigners 

(4)

Claims on

own 

foreign offices

(5)

Payable in

foreign

currencies

 (6)

Total

(7)

 Payable in

 dollars

 (8)

 Payable in

 foreign

 currencies

 (9)

Europe:

Austria.............................................................. 4,821 4,647 1,346 3,300 259 1 174 169 5

Belgium 1........................................................... 14,886 11,496 9,397 1,817 516 282 3,390 2,744 646

Bulgaria............................................................ 22 18 16 2 - - 4 4 -

Czech Republic................................ 234 233 196 35 125 2 1 - 1

Denmark ........................................................... 3,741 1,309 962 220 103 127 2,432 1,755 677

Finland............................................................. 11,639 10,343 10,116 99 10,012 128 1,296 1,007 289

France.............................................................. 101,571 86,631 55,272 17,886 50,886 13,473 14,940 10,716 4,224

Germany ........................................................... 47,974 34,599 21,597 10,267 9,547 2,735 13,375 10,742 2,633

Greece............................................................. 264 261 69 187 - 5 3 3 -

Hungary ............................................................ 106 87 76 2 6 9 19 - 19

Ireland.............................................................. 18,178 15,497 2,833 11,811 1,347 853 2,681 2,557 124

Italy................................................................ 14,259 12,516 10,931 137 9,054 1,448 1,743 1,414 329

Luxembourg 1................................ 7,043 4,844 3,667 1,081 2,735 96 2,199 1,351 848

Netherlands ................................ 32,325 23,549 11,639 10,106 12,199 1,804 8,776 8,061 715

Norway ............................................................. 31,103 29,340 25,488 3,798 651 54 1,763 1,570 193

Poland.............................................................. 953 941 908 10 15 23 12 3 9

Portugal............................................................ 2,272 1,947 1,096 545 454 306 325 63 262

Romania........................................................... 194 194 30 150 3 14 - - -

Russia 2............................................................ 1,106 1,101 629 470 - 2 5 5 -

Serbia and Montenegro (formerly 

 Yugoslavia) 3................................ - - - - - - - - -

Spain................................................................ 8,333 5,942 5,230 66 3,176 646 2,391 2,366 25

Sweden............................................................ 24,729 17,680 12,926 4,444 11,874 310 7,049 6,910 139

Switzerland................................ 95,729 88,533 84,432 2,206 81,238 1,895 7,196 3,253 3,943

Turkey .............................................................. 3,267 3,192 1,994 1,177 52 21 75 4 71

United Kingdom ................................457,905 348,549 249,184 79,754 254,767 19,611 109,356 105,960 3,396

Channel Islands and Isle of Man4............................... 49,081 48,112 44,507 3,485 44,263 120 969 963 6

Other Europe................................ 5,877 2,431 1,669 622 - 140 3,446 54 3,392

Total Europe................................

937,612 753,992 556,210 153,677 493,282 44,105 183,620 161,674 21,946

Canada...............................................................

82,619 66,532 49,057 6,902 44,181 10,573 16,087 13,777 2,310

Latin America:

Argentina........................................................... 3,828 3,328 547 2,768 374 13 500 248 252

Brazil............................................................... 17,248 17,076 9,899 6,802 4,305 375 172 151 21

Chile................................................................ 6,252 6,181 2,514 3,648 440 19 71 71 -

Colombia........................................................... 2,244 2,226 1,238 977 110 11 18 17 1

Ecuador............................................................ 454 434 112 322 7 - 20 20 -

Guatemala......................................................... 846 824 277 527 70 20 22 22 -

Mexico.............................................................. 12,212 11,586 1,496 9,978 112 112 626 362 264

Panama............................................................ 1,705 1,659 1,014 617 177 28 46 46 -

Peru................................................................ 1,663 1,641 620 1,018 306 3 22 22 -

Uruguay ............................................................ 389 386 129 238 75 19 3 3 -

Venezuela......................................................... 3,030 2,969 582 2,205 - 182 61 59 2

Other Latin America 5................................ 2,708 2,653 1,457 1,187 175 9 55 55 -

Total Latin America................................

52,579 50,963 19,885 30,287 6,151 791 1,616 1,076 540

Caribbean:

Bahamas........................................................... 97,503 77,378 71,300 4,710 69,490 1,368 20,125 20,125 -

Bermuda........................................................... 17,164 15,903 313 15,300 3,099 290 1,261 1,259 2

Cayman Islands 6................................ 568,690 459,593 371,506 81,289 359,227 6,798 109,097 108,894 203

Cuba................................................................ - - - - - - - - -

Jamaica............................................................ 457 457 84 373 58 - - - -

Netherlands Antilles................................ 5,419 5,292 854 4,424 793 14 127 119 8

Trinidad and Tobago................................900 869 253 616 101 - 31 31 -

Other Caribbean 5................................6,834 6,744 969 5,713 102 62 90 89 1

Total Caribbean................................

696,967 566,236 445,279 112,425 432,870 8,532 130,731 130,517 214

See footnotes at end of table.
CAPITAL MOVEMENTS 79

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2004, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Respondents’ own claims

Memorandum Claims of domestic customers

Country

 Total

 claims

 (1)

 Total

 (2)

Claims on

foreign 

official

institutions

and

foreign banks

 (3)

Claims on

all other

foreigners

(4)

Claims on

own

foreign offices

(5)

Payable in

foreign

currencies

(6)

 Total

 (7)

 Payable in

 dollars

 (8)

Payable in

foreign

currencies

(9)

Asia:

China:

Mainland......................................................... 9,700 8,864 8,371 442 163 51 836 836 -

Taiwan............................................................ 11,383 11,253 10,369 695 1,027 189 130 27 103

Hong Kong................................ 6,323 5,382 3,704 1,478 2,769 200 941 838 103

India................................................................ 2,471 2,303 1,795 497 327 11 168 157 11

Indonesia.......................................................... 940 743 204 512 5 27 197 196 1

Israel................................................................ 5,682 3,341 3,106 213 1,251 22 2,341 2,336 5

Japan............................................................... 81,658 75,404 48,321 11,672 41,970 15,411 6,254 1,203 5,051

Korea............................................................... 14,362 14,315 13,753 543 1,906 19 47 40 7

Lebanon............................................................ 60 59 53 6 - - 1 1 -

Malaysia........................................................... 1,427 1,348 1,041 296 261 11 79 71 8

Pakistan............................................................ 88 79 59 20 54 - 9 8 1

Philippines ......................................................... 1,529 1,295 1,069 216 5 10 234 233 1

Singapore.......................................................... 8,968 8,174 6,425 524 5,282 1,225 794 769 25

Syria.............................................................. 21 19 19 - - - 2 2 -

Thailand............................................................ 816 757 473 22 354 262 59 27 32

Other Asia......................................................... 8,491 8,274 4,267 476 3,074 3,531 217 217 -

Total Asia................................

153,919 141,610 103,029 17,612 58,448 20,969 12,309 6,961 5,348

Africa:

Congo (formerly Zaire)................................ - - - - - - - - -

Egypt................................................................ 211 197 186 10 76 1 14 9 5

Ghana.............................................................. 11 4 3 1 - - 7 7 -

Liberia.............................................................. 195 193 2 179 - 12 2 2 -

Morocco............................................................ 71 60 35 16 - 9 11 11 -

South Africa................................ 3,530 411 267 118 225 26 3,119 8 3,111

Other Africa................................ 433 414 265 148 50 1 19 19 -

Total Africa................................

4,451 1,279 758 472 351 49 3,172 56 3,116

Other countries:

Australia............................................................ 11,530 9,052 5,754 2,733 3,882 565 2,478 2,037 441

New Zealand................................ 2,353 827 139 495 - 193 1,526 1,383 143

All other............................................................ 39 36 1 33 - 2 3 3 -

Total other countries ................................

13,922 9,915 5,894 3,261 3,882 760 4,007 3,423 584

Total foreign countries................................

1,942,069 1,590,527 1,180,112 324,636 1,039,165 85,779 351,542 317,484 34,058

International and regional orgs:

International................................ 2,116 2,115 - 2,115 - - 1 1 -

European regional................................ 76 - - - - - 76 76 -

Latin American regional................................233 179 - 179 - - 54 54 -

Caribbean regional................................ - - - - - - - - -

Asian regional................................ 257 257 - 257 - - - - -

African regional................................ 35 35 - 35 - - - - -

Middle Eastern regional................................ 3 3 - 3 - - - - -

Total international and regional.............................

2,720 2,589 - 2,589 - - 131 131 -

Grand total................................ 1,944,789 1,593,116 1,180,112 327,225 1,039,165 85,779 351,673 317,615 34,058

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.”

3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former 

Yugoslav Republic of Macedonia.

4

 Before January 2001, data included in United Kingdom.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.”

6 Beginning January 2001, Cayman Islands replaced British West Indies in the data 

series.
80 CAPITAL MOVEMENTS

0

100

200

300

400

500

600

700

800

2000 2001 2002 2003 June 2004

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

 [In millions of dollars. Source: Treasury International Capital Reporting System]

Calendar years

Country 2000 2001 2002 2003 June 2004

United Kingdom................................ 223,976 300,665 293,642 388,141 457,905

All other Europe................................ 324,734 362,960 406,139 400,970 479,707

Caribbean banking centers 1,2 388,987 422,615 533,194 619,533 690,481

Japan................................ 39,179 40,047 59,792 75,607 81,658

All other Asia................................49,440 57,326 53,952 65,868 72,261

Subtotal ................................

1,026,316 1,183,613 1,346,719 1,550,119 1,782,012

All other countries ................................

150,876 167,986 170,023 158,254 162,777

Grand total................................ 1,177,192 1,351,599 1,516,742 1,708,373 1,944,789

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format.

CHART CM-B.—U.S. Claims on Foreigners

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries

In June 2004, U.S. banking 

claims, excluding long-term 

securities, amounted to about 

$1.9 trillion, an increase of 

about $236 billion from 

yearend 2003. U.S. banking 

claims increased $192 billion in 

2003. In large part, the increase 

in claims in 2003 reflects 

changes to the reporting scope 

of the TIC reporting system 

effective February 2003. 

Between March and December 

of 2003, when data were 

reported on a consistent basis, 

banking claims increased $11 

billion.

As with U.S. banking liabilities, 

U.S. banking claims on 

foreigners are concentrated in 

international financial centers. 

About 60 percent of these 

claims are reported opposite the 

United Kingdom and banking 

centers in the Caribbean. These 

financial centers also accounted 

for most of the increase in U.S. 

banking claims in 2003. The 

share of claims against 

foreigners domiciled in Asia 

has declined over the past 

several years from about 20 

percent at the end of 1996 to 

less than 10 percent currently.
CAPITAL MOVEMENTS 81

SECTION III.—Supplementary Liabilities and Claims Data

Reported by Banks in the United States

TABLE CM-III-1.—Dollar Liabilities to, and Dollar Claims on, Foreigners

in Countries and Areas Not Regularly Reported Separately

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Total liabilities Total banks’ own claims

Calendar year 2004 Calendar year 2004

Country 2002 2003 June 2002 2003 June

Other Europe:

Cyprus ............................................................. 143 182 180 22 184 194

Iceland............................................................. 104 241 331 n.a. 16 69

Monaco............................................................ 239 365 206 n.a. n.a. n.a.

Other Latin America and Caribbean:

Aruba............................................................... 255 425 323 292 179 180

Barbados .......................................................... 1,597 11,092 10,623 619 n.a. 111

Belize............................................................... 319 167 207 n.a. 18 n.a.

Bolivia.............................................................. 878 1,041 948 214 216 133

Costa Rica........................................................ 933 955 918 708 700 683

Dominica........................................................... 45 69 45 n.a. n.a. -

Dominican Republic............................................. 1,460 1,744 2,207 1,085 551 454

El Salvador........................................................ 968 1,320 1,229 887 806 935

French West Indies and French Guiana.................... 26 40 38 n.a. - n.a.

Haiti ................................................................ 256 350 375 24 43 50

Honduras.......................................................... 1,718 1,277 1,591 362 245 275

Nicaragua......................................................... 126 135 185 84 60 54

Paraguay .......................................................... 789 719 713 77 62 204

Suriname.......................................................... 201 158 142 11 n.a. n.a.

Other Asia:

Afghanistan....................................................... 45 49 n.a. - - -

Burma.............................................................. 9 5 7 - - -

Jordan.............................................................. n.a. 1,574 1,294 82 99 44

Macau.............................................................. 85 91 91 - 6 5

Sri Lanka.......................................................... n.a. 548 492 n.a. n.a. 14

Yemen............................................................. 185 333 263 n.a. n.a. n.a.

Other Africa:

Angola.............................................................. n.a. 139 n.a. n.a. n.a. n.a.

Cameroon......................................................... 16 17 15 14 20 16

Ethiopia............................................................ n.a. 348 304 - - -

Guinea............................................................. 28 16 14 n.a. 12 n.a.

Ivory Coast........................................................ n.a. 77 143 n.a. n.a. n.a.

Kenya.............................................................. 106 123 146 2 n.a. n.a.

Mauritius........................................................... 116 113 109 n.a. 9 n.a.

Mozambique...................................................... n.a. n.a. 111 - - -

Rwanda............................................................ 91 64 41 - n.a. -

Senegal............................................................ 30 n.a. 25 n.a. n.a. n.a.

Somalia............................................................ 9 n.a. n.a. - - -

Sudan.............................................................. 5 n.a. n.a. - - -

Tanzania........................................................... 279 451 183 n.a. 9 n.a.

Tunisia............................................................. n.a. 43 56 84 67 73

Uganda............................................................ 202 167 230 n.a. n.a. n.a.

Zambia............................................................. 87 93 72 n.a. - -

Zimbabwe......................................................... 63 61 143 - - -

All other:

Papua New Guinea............................................. n.a. n.a. n.a. n.a. n.a. -

Note.—Data represent a partial breakdown of the amounts shown for the corresponding 

dates for the “Other” geographical categories in the regular monthly/quarterly series on 

U.S. banking liabilities and claims in Capital Movements sections I and II.
82 CAPITAL MOVEMENTS

SECTION IV.—Liabilities to, and Claims on, Foreigners

Reported by Nonbanking Business Enterprises

in the United States

TABLE CM-IV-1.—Total Liabilities and Claims by Type

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Calendar year 2003 2004

Type of liability or claim 2000 2001 2002 June r Sept. Dec. Mar. June p

Total liabilities....................................................... 73,904 66,679 67,664 81,861 83,956 83,475 88,728 105,149

Payable in dollars................................ 48,931 42,925 45,087 55,397 54,396 52,922 62,328 72,042

Financial....................................................... 25,246 18,763 18,844 29,342 28,781 25,290 34,150 42,406

Short-term negotiable securities...................... n.a. n.a. n.a. 3,222 2,511 1,895 2,369 1,980

Other........................................................ n.a. n.a. n.a. 26,120 26,270 23,395 31,781 40,426

Commercial.................................................. 23,685 24,162 26,243 26,055 25,615 27,632 28,178 29,636

Trade payables ................................ 12,162 10,893 13,469 14,214 15,284 16,000 16,264 17,005

Advance receipts and other........................... 11,523 13,269 12,774 11,841 10,331 11,632 11,914 12,631

Payable in foreign currencies................................ 24,973 23,754 22,577 26,464 29,560 30,553 26,400 33,107

By major foreign currency:

Canadian dollars................................ n.a. n.a. n.a. 875 1,431 1,630 1,345 1,913

Euros........................................................ n.a. n.a. n.a. 10,606 14,221 11,159 7,846 8,727

United Kingdom pounds sterling...................... n.a. n.a. n.a. 7,501 8,529 12,031 13,407 18,476

Japanese yen................................ n.a. n.a. n.a. 2,983 2,099 2,702 1,553 1,915

Other........................................................ n.a. n.a. n.a. 4,499 3,280 3,031 2,249 2,076

By type of liability:

Financial.................................................... 22,173 22,271 20,717 24,342 27,549 28,095 24,146 30,628

Short-term negotiable securities................... n.a. n.a. n.a. 15,020 14,899 12,107 7,490 8,888

Other..................................................... n.a. n.a. n.a. 9,322 12,650 15,988 16,656 21,740

Commercial................................ 2,800 1,483 1,860 2,122 2,011 2,458 2,254 2,479

Trade payables ................................ 2,131 888 1,230 988 977 1,174 1,220 1,385

Advance receipts and other........................669 595 630 1,134 1,034 1,284 1,034 1,094

Total claims......................................................... 90,157 113,082 102,566 186,182 181,821 165,934 176,473 188,499

Payable in dollars................................ 79,558 103,864 91,551 170,807 164,576 148,406 158,866 163,282

Financial...................................................... 46,157 74,471 65,070 146,439 140,249 122,879 132,701 135,909

Non-negotiable deposits .............................. n.a. n.a. n.a. 48,202 44,701 33,944 43,937 41,344

Negotiable CDs and short-term 

 negotiable instruments ................................ n.a. n.a. n.a. 3,033 3,006 3,047 2,353 5,272

Other....................................................... n.a. n.a. n.a. 95,204 92,542 85,888 86,411 89,293

Commercial.................................................. 33,401 29,393 26,481 24,368 24,327 25,527 26,165 27,373

Trade receivables................................ 30,007 25,828 22,635 19,118 19,598 21,278 21,773 23,619

Advance payments and other......................... 3,394 3,565 3,846 5,250 4,729 4,249 4,392 3,754

Payable in foreign currencies................................ 10,599 9,218 11,015 15,375 17,245 17,528 17,607 25,217

By major foreign currency:

Canadian dollars................................ n.a. n.a. n.a. 1,876 2,633 2,469 2,772 1,789

Euros........................................................ n.a. n.a. n.a. 3,880 4,893 4,318 3,680 5,648

United Kingdom pounds sterling...................... n.a. n.a. n.a. 3,990 3,827 4,429 5,021 8,632

Japanese yen................................ n.a. n.a. n.a. 1,405 1,529 1,420 1,370 4,172

Other........................................................ n.a. n.a. n.a. 4,224 4,363 4,892 4,764 4,976

By type of claim:

Financial.................................................... 6,874 6,816 6,319 7,553 10,312 9,453 9,931 18,187

Non-negotiable deposits ............................. n.a. n.a. n.a. 1,731 2,041 1,976 1,478 1,630

Short-term negotiable securities................... n.a. n.a. n.a. 174 168 164 149 196

Other.................................................... n.a. n.a. n.a. 5,648 8,103 7,313 8,304 16,361

Commercial................................ 3,725 2,402 4,696 7,822 6,933 8,075 7,676 7,030

Trade receivables................................3,097 1,685 3,750 6,863 6,151 7,373 6,850 6,258

Advance payments and other...................... 628 717 946 959 782 702 826 772

Memoranda:

Financial liabilities and claims:

Positions with unaffiliated entities:

Financial liabilities................................ 47,419 41,034 39,561 42,256 45,364 43,845 45,349 58,319

Financial claims................................ 53,031 81,287 71,389 83,626 83,450 67,347 80,256 92,499

Selected positions with affiliated entities: 1

Financial liabilities................................ n.a. n.a. n.a. 11,428 10,966 9,540 12,947 14,715

Financial claims................................ n.a. n.a. n.a. 70,366 67,111 64,985 62,376 61,597

1

 Beginning March 2003, reporters who are financial intermediaries or insurance 

underwriting subsidiaries of bank/financial holding companies report financial liabilities and 

claims positions with specified affiliated foreign residents.
CAPITAL MOVEMENTS 83

TABLE CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Calendar year 2003 2004

Country 1999 2000 2001 2002 June r Sept. Dec. Mar. June p

Europe:

Austria................................ 112 111 151 64 102 71 82 80 95

Belgium 1................................ 171 440 253 285 143 174 158 102 79

Bulgaria................................ - 2 3 4 7 2 3 2 2

Czech Republic ................................26 7 10 13 18 12 6 6 29

Denmark................................ 105 149 148 522 69 99 67 76 118

Finland................................ 48 91 86 56 38 25 35 41 27

France................................ 2,331 2,459 3,575 6,008 4,171 3,522 4,414 3,120 3,167

Germany................................ 3,105 3,215 3,249 3,704 3,640 4,130 4,386 4,033 4,968

Greece................................ 141 400 410 403 196 209 474 542 535

Hungary................................ 9 8 27 32 12 11 11 12 20

Ireland................................ 827 1,216 1,264 785 617 1,182 703 690 802

Italy ................................ 749 1,773 1,395 1,271 1,460 797 1,154 1,011 1,063

Luxembourg 1................................ n.a. n.a. n.a. n.a. 555 679 678 538 576

Netherlands ................................ 2,503 2,316 3,117 2,415 3,127 1,611 668 587 608

Norway ................................ 266 286 320 406 389 419 445 357 7,655

Poland................................ 46 42 43 46 35 27 26 28 156

Portugal................................ 34 16 16 17 12 5 7 10 22

Romania................................ 159 178 17 20 19 44 30 31 31

Russia 2................................ 251 91 48 38 69 51 71 44 93

Serbia and Montenegro 

(formerly Yugoslavia) 3................................ 11 11 14 9 10 5 - 24 -

Spain................................ 501 468 423 403 279 529 1,068 937 1,021

Sweden................................ 158 117 97 115 167 359 656 760 762

Switzerland................................ 773 606 884 494 625 400 1,383 550 648

Turkey ................................ 384 408 133 101 118 145 302 332 302

United Kingdom................................ 19,592 29,209 25,131 25,180 25,721 27,584 28,036 26,185 32,677

Channel Islands and 

Isle of Man 4 ................................ n.a. n.a. n.a. n.a. 4 60 - 2 3

Other Europe................................ 201 182 211 201 174 167 182 223 293

Total Europe................................ 32,503 43,801 41,025 42,592 41,777 42,319 45,045 40,323 55,752

Canada................................ 2,059 2,344 2,577 2,179 2,966 3,418 3,514 3,749 4,222

Latin America: 

Argentina................................ 169 146 50 62 96 113 125 270 101

Brazil................................ 271 262 325 318 353 375 475 517 368

Chile................................ 64 52 56 55 34 55 60 77 89

Colombia................................ 141 131 82 50 29 18 71 100 69

Ecuador................................ 58 32 4 5 15 17 21 11 20

Guatemala................................ 6 10 13 13 17 13 15 18 13

Mexico................................ 912 867 935 1,201 932 1,305 1,332 1,390 1,776

Panama................................ 67 32 49 61 97 62 52 51 38

Peru................................ 28 24 41 21 77 20 15 14 79

Uruguay................................ 8 27 8 6 4 2 4 4 2

Venezuela................................ 305 286 168 178 457 517 332 389 481

Other Latin America 5................................ 379 1,994 284 503 101 134 98 202 88

Total Latin America................................ 2,408 3,863 2,015 2,473 2,212 2,631 2,600 3,043 3,124

Caribbean:

Bahamas ................................ 23 37 209 74 19 51 14 16 39

Bermuda................................ 157 2,020 1,551 1,528 4,829 3,493 1,128 4,153 3,046

British West Indies 6................................ 540 482 1,672 401 n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6................................ n.a. n.a. n.a. n.a. 56 2,458 3,060 3,890 3,460

Cuba................................ 27 20 42 29 7 8 2 3 2

Jamaica................................ 13 16 12 28 13 12 17 17 21

Netherlands Antilles................................ 19 32 46 11 8 9 3 12 15

Trinidad and Tobago................................ 15 36 38 33 22 18 16 67 19

Other Caribbean 5................................ n.a. n.a. n.a. n.a. 581 566 564 586 630

Total Caribbean................................ 794 2,643 3,570 2,104 5,535 6,615 4,804 8,744 7,232

See footnotes at end of table.
84 CAPITAL MOVEMENTS

TABLE CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Calendar year 2003 2004

Country 1999 2000 2001 2002 June r Sept. Dec. Mar. June p

Asia:

China:

Mainland................................ 627 497 735 1,252 1,347 1,845 1,129 3,081 3,496

Taiwan................................ 1,175 970 819 659 679 531 441 513 572

Hong Kong................................ 223 640 560 495 425 473 554 464 695

India................................ 519 309 179 160 84 115 86 202 222

Indonesia................................ 83 81 44 100 65 71 60 57 43

Israel................................ 160 468 195 350 606 495 519 886 481

Japan................................ 5,751 8,973 5,850 6,124 6,036 6,385 6,196 6,404 6,340

Korea................................ 543 941 897 548 808 611 1,331 1,445 1,597

Lebanon................................ 56 53 57 53 16 10 13 44 40

Malaysia................................ 118 162 393 140 152 204 188 170 256

Pakistan................................ 37 96 94 158 218 252 233 77 101

Philippines ................................ 169 114 1,100 108 133 139 139 110 60

Singapore................................ 917 2,280 1,793 1,796 1,961 1,278 1,436 1,699 1,348

Syria................................ 8 27 6 13 16 30 2 22 2

Thailand................................ 165 203 105 118 121 151 34 37 54

Oil-exporting countries 7................................ 2,555 2,844 2,649 3,993 3,103 3,001 3,184 2,582 2,335

Other Asia................................ 217 290 83 247 214 227 284 236 283

Total Asia................................13,323 18,948 15,559 16,314 15,984 15,818 15,829 18,029 17,925

Africa:

Congo (formerly Zaire)................................ 9 - 1 1 1 1 86 - 2

Egypt................................ 86 166 117 128 39 144 28 136 126

Ghana................................ 1 6 3 2 5 4 4 5 5

Liberia................................ 2 18 30 1 - - - 4 -

Morocco................................ 31 11 34 42 43 43 41 36 37

South Africa................................ 138 135 111 130 97 86 52 46 44

Oil-exporting countries 8................................ 499 483 441 496 276 464 464 641 660

Other Africa................................ 212 181 152 158 226 261 230 267 326

Total Africa................................ 978 1,000 889 958 687 1,003 905 1,135 1,200

Other countries:

Australia................................ 634 344 584 732 1,034 906 1,053 619 564

New Zealand 9................................ n.a. n.a. n.a. n.a. 27 18 71 58 41

All other................................

300 898 430 238 202 236 98 78 371

Total other countries ................................ 934 1,242 1,014 970 1,263 1,160 1,222 755 976

Total foreign countries................................ 52,975 73,841 66,649 67,590 70,424 72,964 73,919 75,778 90,431

International and regional orgs:

International................................ 1 1 - 22 - - - - -

European regional................................44 45 30 3 6 19 16 3 3

Latin American regional................................ - - - 46 - - - - -

Caribbean regional 10................................ n.a. n.a. n.a. n.a. - - - - -

Asian regional................................ - 9 - 3 3 7 - - -

African regional................................ - 8 - - - - - - -

Middle Eastern regional................................ - - - - - - - - -

Total international

 and regional................................

45 63 30 74 9 26 16 3 3

Grand total................................ 53,020 73,904 66,679 67,664 70,433 72,990 73,935 75,781 90,434

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.”

3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and since June 1994 for the former 

Yugoslav Republic of Macedonia.

4

 Before January 2001, data included in United Kingdom.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.”

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States).

8

 Includes Algeria, Gabon, Libya, and Nigeria.

9

 Before January 2001, data included in “All other countries.”

10 Before January 2001, included in “Latin American regional.”
CAPITAL MOVEMENTS 85

TABLE CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Calendar year 2003 2004

Country 1999 2000 2001 2002 June r Sept. Dec. Mar. June p

Europe:

Austria................................ 208 498 1,985 1,770 1,733 1,841 1,752 1,794 1,744

Belgium 1................................ 845 748 893 991 491 365 523 567 541

Bulgaria................................ 6 6 13 9 18 16 14 36 27

Czech Republic ................................ 26 67 79 62 54 54 54 61 65

Denmark................................ 310 229 138 112 187 256 716 150 156

Finland................................ 261 224 238 624 219 275 176 161 198

France................................ 3,203 4,301 4,371 6,411 7,443 6,634 5,865 5,853 6,981

Germany................................ 2,464 2,830 2,726 5,447 5,611 7,257 4,143 6,067 4,680

Greece................................ 487 332 339 409 277 247 204 248 295

Hungary................................ 54 47 66 51 53 39 53 32 33

Ireland................................ 340 616 821 516 755 403 423 380 396

Italy ................................................................ 1,284 1,114 1,434 2,963 3,315 4,635 4,075 4,381 3,223

Luxembourg 1................................ n.a. n.a. n.a. n.a. 82 69 115 898 903

Netherlands ................................ 2,658 3,125 2,667 5,138 5,007 5,776 3,186 2,714 3,319

Norway ................................ 273 308 257 286 352 458 315 301 3,471

Poland................................ 62 67 77 79 84 92 104 84 72

Portugal................................ 91 83 71 222 191 176 161 161 184

Romania................................ 11 16 34 24 15 18 25 21 30

Russia 2................................ 293 373 137 93 75 88 118 133 150

Serbia and Montenegro 

(formerly Yugoslavia) 3................................ 17 15 23 10 24 10 13 9 10

Spain.............................................................. 715 860 1,042 1,370 1,108 1,454 1,803 1,527 2,578

Sweden................................ 339 360 441 417 597 567 779 637 597

Switzerland................................ 1,253 1,462 1,200 886 1,733 2,419 2,538 1,866 1,711

Turkey ................................ 464 700 383 503 537 636 479 537 465

United Kingdom................................ 13,388 20,402 20,343 14,390 17,808 15,667 15,366 17,149 27,293

Channel Islands and 

Isle of Man 4 ................................ n.a. n.a. n.a. n.a. 3 - - 8 184

Other Europe................................ 360 291 362 422 765 760 546 888 595

Total Europe................................29,412 39,074 40,140 43,205 48,537 50,212 43,546 46,663 59,901

Canada............................................................... 5,310 8,078 9,011 7,803 8,829 7,615 8,381 8,550 6,823

Latin America: 

Argentina................................ 896 1,109 810 602 563 543 398 550 352

Brazil.............................................................. 2,381 2,784 3,081 3,036 2,999 3,400 2,735 2,969 2,771

Chile............................................................... 263 302 242 217 245 228 382 302 327

Colombia................................ 349 351 240 240 246 273 234 247 272

Ecuador................................ 82 66 62 112 79 85 117 109 74

Guatemala................................ 85 106 90 79 72 83 76 96 85

Mexico................................ 3,476 3,955 4,466 4,180 3,035 3,317 2,968 2,872 2,930

Panama................................ 168 244 105 79 86 123 232 145 132

Peru................................................................ 148 171 79 69 84 64 73 100 76

Uruguay................................ 68 35 20 30 12 13 16 53 17

Venezuela................................ 487 415 371 392 409 356 361 402 386

Other Latin America 5................................ 1,325 842 919 1,102 600 546 427 550 491

Total Latin America................................ 9,728 10,380 10,485 10,138 8,430 9,031 8,019 8,395 7,913

Caribbean:

Bahamas ................................ 1,613 1,390 1,018 1,069 628 437 1,075 681 827

Bermuda................................ 401 395 1,287 1,011 1,052 980 1,024 1,773 2,100

British West Indies 6................................ 12,280 12,733 33,060 21,547 n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6................................ n.a. n.a. n.a. n.a. 30,750 26,986 20,067 28,644 27,679

Cuba............................................................... - 1 2 - 6 5 16 2 8

Jamaica................................ 52 126 93 94 87 85 84 87 82

Netherlands Antilles................................45 84 70 45 12 13 32 16 40

Trinidad and Tobago................................ 46 59 45 54 75 81 100 126 130

Other Caribbean 5................................ n.a. n.a. n.a. n.a. 1,102 1,000 951 1,076 1,086

Total Caribbean................................ 14,437 14,788 35,575 23,820 33,712 29,587 23,349 32,405 31,952

See footnotes at end of table.
86 CAPITAL MOVEMENTS

TABLE CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

 Calendar year 2003 2004

Country 1999 2000 2001 2002 June r Sept. Dec. Mar. June p

Asia:

China:

Mainland................................ 760 1,096 1,052 867 1,273 2,288 1,066 2,023 3,245

Taiwan................................ 1,097 1,299 853 696 609 655 783 908 782

Hong Kong................................ 400 593 1,094 682 694 672 832 696 561

India ................................ 599 661 638 743 690 752 668 612 423

Indonesia................................ 408 407 239 280 263 170 170 247 217

Israel................................ 336 458 700 453 1,017 531 749 858 711

Japan................................ 5,336 4,427 3,610 3,618 2,979 3,230 2,955 2,567 2,778

Korea................................ 1,378 1,745 1,850 1,738 1,423 2,003 1,456 1,552 1,656

Lebanon................................ 14 36 16 21 16 16 34 23 23

Malaysia................................ 516 743 645 521 522 517 497 497 516

Pakistan ................................ 23 37 44 17 28 39 34 18 50

Philippines................................ 258 106 1,001 708 192 262 743 404 304

Singapore................................ 1,041 1,065 1,120 1,044 824 834 1,162 908 1,091

Syria................................ 5 11 11 28 2 3 6 4 9

Thailand................................ 651 344 232 237 200 277 250 231 256

Oil-exporting countries 7................................ 1,648 1,104 985 897 960 1,013 1,046 1,118 1,207

Other Asia................................ 152 195 189 132 193 207 222 234 295

Total Asia................................14,622 14,327 14,279 12,682 11,885 13,469 12,673 12,900 14,124

Africa:

Congo (formerly Zaire)................................ - - - 18 8 8 2 2 -

Egypt................................ 186 266 233 155 98 109 176 132 181

Ghana................................ 6 5 7 9 8 8 8 9 10

Liberia................................ 3 2 28 50 101 154 109 71 23

Morocco................................ 35 49 35 24 24 27 27 41 46

South Africa................................ 323 266 293 273 323 268 247 235 150

Oil-exporting countries 8................................ 186 237 137 120 140 170 150 196 233

Other Africa................................ 178 258 326 330 225 369 336 326 306

Total Africa................................ 917 1,083 1,059 979 927 1,113 1,055 1,012 949

Other countries:

Australia................................ 1,889 2,041 2,150 3,540 3,145 3,332 3,624 3,794 3,820

New Zealand 9................................ n.a. n.a. n.a. n.a. 187 178 208 255 367

All other................................ 351 359 383 393 97 84 83 112 1,043

Total other countries................................ 2,240 2,400 2,533 3,933 3,429 3,594 3,915 4,161 5,230

Total foreign countries ................................ 76,639 90,130 113,082 102,560 115,749 114,621 100,938 114,086 126,892

International and regional orgs :

International................................ 2 2 - 2 11 13 1 2 2

European regional................................ - 4 - 1 26 26 2 3 1

Latin American regional................................ - - - 1 13 18 6 5 5

Caribbean regional 10................................ n.a. n.a. n.a. n.a. 9 24 - - -

Asian regional ................................ - 12 - - 5 5 2 1 2

African regional................................ 1 2 - 1 - - - - -

Middle Eastern regional................................ - 7 - 1 3 3 - - -

Total international

 and regional................................

3 27 - 6 67 89 11 11 10

Grand total................................ 76,642 90,157 113,082 102,566 115,816 114,710 100,949 114,097 126,902

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.”

3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states by 

the United States are reported under “Other Europe” as follows: Beginning in 

December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since June 

1994 for the former Yugoslav Republic of Macedonia.

4

 Before January 2001, data included in United Kingdom.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined 

“Other Latin America and Caribbean.”

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States).

8

 Includes Algeria, Gabon, Libya, and Nigeria.

9

 Before January 2001, data included in “All other countries.”

10 Before January 2001, included in “Latin American regional.”
CAPITAL MOVEMENTS 87

TABLE CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and 

Country, June 30, 2004, Preliminary

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Liabilities Claims

Country

Total liabilities

(1)

Financial

(2)

Commercial

(3)

Total claims

(4)

Financial

(5)

Commercial

(6)

Europe:

Austria.............................................................95 25 70 1,744 1,678 66

Belgium 1................................ 79 - 79 541 391 150

Bulgaria........................................................... 2 - 2 27 19 8

Czech Republic................................ 29 1 28 65 27 38

Denmark ................................ 118 29 89 156 77 79

Finland............................................................27 13 14 198 90 108

France............................................................. 3,167 2,075 1,092 6,981 4,375 2,606

Germany ................................ 4,968 3,699 1,269 4,680 3,151 1,529

Greece............................................................ 535 11 524 295 20 275

Hungary ...........................................................20 5 15 33 1 32

Ireland............................................................. 802 674 128 396 171 225

Italy................................................................ 1,063 364 699 3,223 2,137 1,086

Luxembourg 1................................ 576 520 56 903 815 88

Netherlands ................................ 608 320 288 3,319 2,974 345

Norway ............................................................ 7,655 7,294 361 3,471 3,394 77

Poland............................................................. 156 - 156 72 1 71

Portugal...........................................................22 2 20 184 99 85

Romania................................ 31 - 31 30 - 30

Russia 2...........................................................93 11 82 150 55 95

Serbia and Montenegro 

(formerly Yugoslavia) 3................................ - - - 10 1 9

Spain............................................................... 1,021 719 302 2,578 1,929 649

Sweden........................................................... 762 603 159 597 276 321

Switzerland................................ 648 7 641 1,711 453 1,258

Turkey ............................................................. 302 7 295 465 328 137

United Kingdom ................................ 32,677 29,645 3,032 27,293 23,391 3,902

Channel Islands and 

Isle of Man 4................................ 3 - 3 184 184 -

Other Europe................................ 293 13 280 595 306 289

Total Europe................................ 55,752 46,037 9,715 59,901 46,343 13,558

Canada............................................................... 4,222 1,689 2,533 6,823 4,533 2,290

Latin America: 

Argentina................................ 101 36 65 352 128 224

Brazil............................................................... 368 200 168 2,771 1,749 1,022

Chile...............................................................89 6 83 327 86 241

Colombia................................ 69 - 69 272 52 220

Ecuador...........................................................20 - 20 74 13 61

Guatemala................................ 13 - 13 85 25 60

Mexico............................................................. 1,776 25 1,751 2,930 1,706 1,224

Panama...........................................................38 1 37 132 42 90

Peru................................................................79 - 79 76 13 63

Uruguay ........................................................... 2 - 2 17 1 16

Venezuela................................ 481 - 481 386 135 251

Other Latin America 5................................ 88 2 86 491 208 283

Total Latin America................................ 3,124 270 2,854 7,913 4,158 3,755

Caribbean:

Bahamas................................ 39 - 39 827 801 26

Bermuda........................................................... 3,046 2,245 801 2,100 1,410 690

Cayman Islands 6................................ 3,460 3,428 32 27,679 27,613 66

Cuba............................................................... 2 - 2 8 - 8

Jamaica...........................................................21 6 15 82 46 36

Netherlands Antilles................................ 15 2 13 40 22 18

Trinidad and Tobago................................ 19 4 15 130 89 41

Other Caribbean 5................................ 630 1 629 1,086 117 969

Total Caribbean................................ 7,232 5,686 1,546 31,952 30,098 1,854

See footnotes at end of table.
88 CAPITAL MOVEMENTS

TABLE CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and 

Country, June 30, 2004, Preliminary, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims

Country

Total liabilities

(1)

Financial

(2)

Commercial

(3)

Total claims

(4)

Financial

(5)

Commercial

(6)

Asia:

China:

Mainland................................ 3,496 2,264 1,232 3,245 2,068 1,177

Taiwan................................ 572 17 555 782 86 696

Hong Kong................................ 695 146 549 561 202 359

India................................................................ 222 9 213 423 197 226

Indonesia................................ 43 12 31 217 154 63

Israel............................................................... 481 200 281 711 413 298

Japan.............................................................. 6,340 1,612 4,728 2,778 1,011 1,767

Korea.............................................................. 1,597 46 1,551 1,656 967 689

Lebanon...........................................................40 1 39 23 - 23

Malaysia................................ 256 1 255 516 327 189

Pakistan........................................................... 101 - 101 50 8 42

Philippines ................................ 60 6 54 304 110 194

Singapore................................ 1,348 108 1,240 1,091 137 954

Syria............................................................... 2 - 2 9 - 9

Thailand...........................................................54 3 51 256 116 140

Other Asia................................ 2,618 45 2,573 1,502 180 1,322

Total Asia................................ 17,925 4,470 13,455 14,124 5,976 8,148

Africa:

Congo (formerly Zaire)................................ 2 - 2 - - -

Egypt............................................................... 126 - 126 181 17 164

Ghana............................................................. 5 1 4 10 - 10

Liberia............................................................. - - - 23 23 -

Morocco...........................................................37 - 37 46 27 19

South Africa................................ 44 10 34 150 52 98

Other Africa................................ 986 107 879 539 119 420

Total Africa................................

1,200 118 1,082 949 238 711

Other countries:

Australia........................................................... 564 42 522 3,820 1,054 2,766

New Zealand 7................................ 41 6 35 367 58 309

All other........................................................... 371 1 370 1,043 41 1,002

Total other countries ................................ 976 49 927 5,230 1,153 4,077

Total foreign countries................................ 90,431 58,319 32,112 126,892 92,499 34,393

International and regional orgs:

International................................ - - - 2 - 2

European regional................................ 3 - 3 1 - 1

Latin American regional................................ - - - 5 - 5

Caribbean regional 8................................ - - - - - -

Asian regional................................ - - - 2 - 2

African regional................................ - - - - - -

Middle Eastern regional................................

 - - - - - -

Total international

 and regional................................

3 - 3 10 - 10

Grand total................................ 90,434 58,319 32,115 126,902 92,499 34,403

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included 

in “Other Europe.”

3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states 

by the United States are reported under “Other Europe” as follows: Beginning in 

December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since 

June 1994 for the former Yugoslav Republic of Macedonia.

4Before January 2001, data included in United Kingdom.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.”

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.

7

 Before January 2001, data included in “All other countries.”

8

 Before January 2001, included in “Latin American regional.”
CAPITAL MOVEMENTS 89

SECTION V.—U.S. International Transactions in Long-Term Securities

TABLE CM-V-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States.

Source: Treasury International Capital Reporting System]

Marketable Treasury bonds and notes

Net foreign purchase

Foreign countries

U.S. Government corporations and

federally -sponsored agencies

Calendar

year or month

 Total

 (1)

Official

institutions

(2)

Other

foreigners

(3)

International

and regional

(4) 

 Gross

 foreign

purchases

 (5)

Gross

foreign

sales

(6)

Net foreign

purchases

(7)

 Gross foreign

 purchases

 (8)

Gross foreign

sales

(9)

2000................................................................ -54,032 -6,302 -47,270 -460 3,870,511 3,924,543 152,842 728,930 576,088

2001................................................................ 18,514 3,474 15,726 -686 5,267,730 5,249,216 163,990 1,201,649 1,037,659

2002................................................................ 119,921 7,149 110,761 2,011 7,264,450 7,144,529 195,145 1,727,972 1,532,827

2003................................................................ 278,139 109,345 169,520 -726 8,611,881 8,333,742 161,009 2,192,247 2,031,238

2004 - Jan. - Sept. p................................ 302,395 164,215 138,068 112 7,287,591 6,985,196 165,415 1,442,437 1,277,022

2003 - Sept................................ 6,507 8,076 -1,359 -210 786,454 779,947 -3,486 157,567 161,053

Oct.................................11,804 19,451 -7,344 -303 833,740 821,936 9,284 144,698 135,414

Nov.................................35,964 18,883 17,010 71 645,830 609,866 10,380 119,443 109,063

Dec.................................31,049 11,329 19,716 4 643,033 611,984 17,142 122,734 105,592

2004 - Jan. r................................ 48,997 26,910 21,963 124 728,102 679,105 27,377 152,824 125,447

Feb................................36,705 16,071 20,759 -125 747,060 710,355 24,247 166,150 141,903

Mar. r................................ 60,799 33,905 26,790 104 916,828 856,029 4,004 232,653 228,649

Apr ................................35,673 22,140 13,332 201 904,603 868,930 31,798 231,576 199,778

May ................................23,378 14,380 9,018 -20 856,328 832,950 20,959 142,207 121,248

June................................40,575 17,540 22,745 290 785,023 744,448 15,769 124,113 108,344

July................................22,415 4,143 18,656 -384 711,271 688,856 19,107 138,958 119,851

Aug. p ................................ 14,626 19,054 -5,114 686 807,354 792,728 21,198 131,841 110,643

Sept. p ................................ 19,227 10,072 9,919 -764 831,022 811,795 956 122,115 121,159

Corporate and other securities

Bonds 1 Stocks

Calendar

year or month

Net foreign

purchases

(10)

Gross foreign

 purchases

 (11)

Gross foreign

sales

(12)

Net foreign

purchases

(13)

Gross foreign

purchases

(14)

 Gross foreign

 sales

 (15)

2000................................................................ 184,128 479,456 295,328 174,890 3,605,196 3,430,306

2001................................................................ 221,955 741,041 519,086 116,390 3,051,332 2,934,942

2002................................................................ 182,310 820,747 638,437 50,189 3,209,760 3,159,571

2003................................................................ 270,182 997,876 727,694 37,768 3,120,076 3,082,308

2004 - Jan. - Sept. p............................................... 226,988 888,200 661,212 -2,150 3,078,538 3,080,688

2003 - Sept.......................................................... 19,778 86,798 67,020 -6,302 263,242 269,544

Oct........................................................... 20,850 89,969 69,119 -1,211 308,723 309,934

Nov .......................................................... 29,348 88,704 59,356 8,768 262,835 254,067

Dec .......................................................... 19,969 81,450 61,481 13,356 289,259 275,903

2004 - Jan. r......................................................... 12,809 83,029 70,220 12,828 323,894 311,066

Feb. r........................................................ 21,051 94,311 73,260 2,488 317,610 315,122

Mar. r........................................................ 30,613 118,416 87,803 -13,481 377,293 390,774

Apr. r......................................................... 16,559 93,901 77,342 -1,922 366,898 368,820

May .......................................................... 19,817 89,432 69,615 -7,679 348,884 356,563

June......................................................... 27,156 95,724 68,568 1,755 333,732 331,977

July .......................................................... 27,879 99,575 71,696 9,775 359,335 349,560

Aug. p....................................................... 26,505 97,311 70,806 -2,084 322,844 324,928

Sept. p...................................................... 44,599 116,501 71,902 -3,830 328,048 331,878

1 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and 

municipalities.
90 CAPITAL MOVEMENTS

TABLE CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Foreign bonds Foreign stocks

Calendar

year or month

Net foreign purchases of foreign securities 

from U.S.

(1)

Net foreign

purchases from

U.S.

(2)

Gross foreign

purchases from

U.S.

(3)

Gross foreign

sales to U.S.

(4)

Net foreign

purchases from

U.S.

(5)

Gross foreign

purchases from

U.S.

(6)

Gross foreign

sales to U.S.

(7)

2000................................................................ -17,142 -4,054 958,932 962,986 -13,088 1,802,185 1,815,273

2001................................................................ -19,611 30,502 1,160,102 1,129,600 -50,113 1,397,664 1,447,777

2002................................................................ 26,999 28,492 1,372,239 1,343,747 -1,493 1,267,794 1,269,287

2003 r................................................................ -48,667 22,338 1,661,640 1,639,302 -71,005 1,376,134 1,447,139

2004 - Jan. - Sept. p................................-43,154 5,349 1,327,710 1,322,361 -48,503 1,372,623 1,421,126

2003 - Sept. r................................ -10,306 -998 154,292 155,290 -9,308 134,281 143,589

Oct. r......................................................... -13,223 -5,953 154,964 160,917 -7,270 155,281 162,551

Nov. r................................ -4,180 -3,172 128,186 131,358 -1,008 132,479 133,487

Dec. r................................ -5,321 -237 134,729 134,966 -5,084 123,712 128,796

2004 - Jan. r......................................................... -10,735 2,602 178,556 175,954 -13,337 138,123 151,460

Feb. r................................ 147 2,207 163,490 161,283 -2,060 154,878 156,938

Mar. r................................ -4,337 -1,472 185,962 187,434 -2,865 195,740 198,605

Apr. r......................................................... -10,326 2,422 130,158 127,736 -12,748 170,971 183,719

May .......................................................... 8,499 15,313 140,675 125,362 -6,814 153,680 160,494

June......................................................... -12,248 -7,049 139,616 146,665 -5,199 152,032 157,231

July .......................................................... -16,168 -7,312 147,828 155,140 -8,856 139,153 148,009

Aug. p................................ -386 -1,683 119,229 120,912 1,297 136,430 135,133

Sept. p................................ 2,400 321 122,196 121,875 2,079 131,616 129,537
CAPITAL MOVEMENTS 91

TABLE CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury

bonds and notes

U.S. Government corporations

and Federal agency bonds Corporate bonds Corporate stocks

 2004 2004 2004 2004

Country

 Calendar

 year

 2003

 (1)

Jan.

through

Sept.

(2)

July

 through

 Sept. p

 (3)

Calendar

year

2003

(4)

 Jan.

 through

 Sept.

 (5)

 July

 through

 Sept. p

 (6)

 Calendar

 year

 2003

 (7)

 Jan.

 through

 Sept.

 (8)

July

through

Sept. p

(9)

Calendar

year

2003

(10)

Jan.

through

Sept.

(11)

July

through

Sept. p

(12)

Europe:

Austria................................................................ -860 506 7 657 -269 -219 423 177 120 -180 81 -107

Belgium 1................................ 1,739 -125 172 656 2,147 118 2,440 4,170 1,085 225 -464 -72

Bulgaria................................ 47 -31 -37 14 -10 -10 18 63 - -2 -11 -1

Czech Republic................................281 742 736 2,097 -17 -59 72 7 -1 26 6 -7

Denmark................................ 2,414 -238 -777 1,560 42 45 1,209 881 204 697 35 109

Finland................................ -430 -560 -470 113 226 195 -111 160 36 294 81 105

France................................................................ -6,800 -7,720 -2,242 960 -571 -223 3,792 5,084 2,957 6,213 1,608 710

Germany................................ 7,921 4,579 3,255 -1,132 154 626 3,790 12,313 6,919 -969 -3,605 -541

Greece................................ 736 -1,021 -1,399 -102 62 15 27 53 26 -49 40 -19

Hungary................................ 44 92 -77 2 -3 -15 12 31 15 -6 5 3

Ireland................................................................ 3,742 1,079 1,231 4,095 4,033 1,602 9,522 8,944 3,528 7,779 925 792

Italy................................................................ -2,535 -212 -1,149 390 -347 -46 2,078 293 181 559 -1,220 -816

Luxembourg 1................................ 906 -637 -913 2,652 479 -453 5,241 4,258 2,023 2,049 3,567 999

Netherlands................................ -200 -2,281 -4,452 -103 -1,179 41 1,281 1,212 121 66 1,146 -361

Norway................................ 7,499 9,857 8,564 1,576 -165 -108 5,782 2,109 629 5,024 1,380 55

Poland................................................................ 859 -240 341 406 81 -1 25 -5 2 -5 42 32

Portugal................................ 740 -260 40 144 -1 13 -30 66 -7 121 24 10

Romania................................ 915 67 568 -39 735 413 69 26 21 - - -

Russia 2................................ -129 -440 -160 3,217 11,045 3,000 83 166 32 - -46 -12

Serbia and Montenegro

(formerly Yugoslavia) 3................................ 15 105 46 - - - 9 - - 2 1 1

Spain................................................................ -5,130 -2,077 563 -4,028 -272 224 669 1,805 92 369 5 -370

Sweden................................ 432 523 62 -70 68 -129 294 953 190 3,425 -362 -431

Switzerland................................ 4,894 3,333 -250 1,576 2,907 634 6,123 4,009 1,091 -2,139 -223 -1,214

Turkey................................................................ -1,602 4,996 260 7 27 -2 -343 16 -17 23 -22 -18

United Kingdom................................ 35,971 54,008 9,016 25,283 31,666 13,841 107,539 69,255 40,455 675 -2,935 1,764

Channel Islands and

Isle of Man 4................................1,554 1,163 391 1,822 747 -16 18,078 4,134 -1,640 97 297 -188

Other Europe................................

-1,920 -5,492 -1,604 179 304 -146 588 1,535 760 -19 69 75

Total Europe................................

51,103 59,716 11,722 41,932 51,889 19,340 168,680 121,715 58,822 24,275 424 498

Canada................................................................

10,787 8,475 3,570 -1,413 4,893 689 6,876 4,259 1,840 11,703 3,336 6,273

Latin America:

Argentina................................ 1,464 281 -44 -354 138 63 815 144 123 -293 -47 -26

Brazil................................................................ 2,928 3,678 2,763 -488 505 719 830 490 137 163 185 134

Chile................................................................ -244 412 37 293 -324 -677 87 174 71 143 -3 -10

Colombia................................ -578 126 72 270 52 46 160 373 289 47 26 -6

Ecuador................................ 63 -39 -28 417 110 -72 67 103 10 28 2 -90

Guatemala................................ 3 24 20 62 76 -23 8 -5 4 -37 4 - 

Mexico................................................................ 5,358 7,992 -5,595 3,591 3,274 4,974 3,297 9,481 5,676 -308 -78 75

Panama ................................ -178 -335 -265 1,477 637 24 333 472 156 -14 86 14

Peru................................................................ 590 403 -4 971 509 14 224 331 140 140 -100 -5

Uruguay................................ 797 -84 -224 466 192 84 433 238 89 266 83 20

Venezuela................................ 317 -50 -33 638 947 15 460 629 107 591 -93 -112

Other Latin America................................

287 -207 -248 1,205 2,749 2,216 782 347 96 -33 -7 3

Total Latin America................................

10,807 12,201 -3,549 8,548 8,865 7,383 7,496 12,777 6,898 693 58 -3

Caribbean:

Bahamas................................ -6,147 15,416 -1,328 4,780 4,327 1,157 2,200 -124 -18 -113 976 32

Bermuda................................ 24,775 5,134 9,217 8,524 5,267 2,078 13,963 10,143 2,926 -4,329 221 505

Cayman Islands................................ -9,379 15,011 3,401 10,360 12,014 -2,736 32,364 26,921 10,775 2,186 -8,521 -3,293

Cuba................................................................ - n.a. n.a. - n.a. n.a. - n.a. n.a. -2 n.a. n.a.

Jamaica ................................ -1 -79 43 468 114 -75 124 366 -1 17 9 -

Netherlands Antilles................................ 7,981 10,760 2,201 -917 198 17 699 263 41 757 -247 1,214

Trinidad and Tobago................................ 64 47 62 277 172 48 61 62 49 13 -3 -5

Other Caribbean................................

-2,621 1,353 195 3,718 2,188 572 4,690 2,380 780 284 -676 -793

Total Caribbean................................

14,672 47,642 13,791 27,210 24,280 1,061 54,101 40,011 14,552 -1,187 -8,241 -2,340

See footnotes at end of table.
92 CAPITAL MOVEMENTS

TABLE CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country, con.

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury

bonds and notes

U.S. Government corporations

and Federal agency bonds Corporate bonds Corporate stocks

2004 2004 2004 2004

Country

Calendar

year

2003

(1)

Jan.

through

Sept.

(2)

July

through

Sept. p

(3)

Calendar

year

2003

(4)

Jan.

through

Sept.

(5)

July

through

Sept. p

(6)

Calendar

year

2003

(7)

Jan.

through

Sept.

(8)

July

 through

Sept. p

 (9)

Calendar

year

2003

(10)

Jan.

through

Sept.

(11)

July

through

Sept. p

(12)

Asia:

China:

Mainland................................................................ 30,483 5,382 3,057 29,629 11,990 5,469 4,626 7,735 4,001 -79 -245 -23

Taiwan................................................................ 9,031 6,087 -503 9,497 4,033 -74 1,598 1,218 361 299 4 -71

Hong Kong................................................................ 6,076 -160 -770 11,914 11,703 3,023 4,476 3,424 2,468 846 -675 -479

India................................................................485 62 -3,285 -18 8 8 19 - 2 -72 -126 -73

Indonesia................................................................ 620 692 264 498 1,362 136 49 -75 -3 67 34 26

Israel................................................................ -2,321 948 -323 716 623 159 546 245 62 -24 237 93

Japan................................................................ 148,777 158,577 30,344 22,347 21,997 1,361 12,105 27,364 6,831 -2,328 1,124 1,952

Korea................................................................ 5,195 3,190 5,922 8,344 9,162 854 781 1,269 320 -20 5 41

Lebanon................................................................ 18 -4 -5 7 1 2 8 3 4 -33 14 -14

Malaysia................................................................ -255 -40 -1,003 -1,168 473 44 7 77 52 -27 -101 8

Pakistan................................................................ - -122 -146 3 59 60 3 24 12 -5 -5 -2

Philippines................................................................ 461 145 33 47 334 276 89 163 65 -40 19 6

Singapore................................................................ -1,343 2,868 -1,429 679 2,144 447 3,351 3,473 1,518 3,429 41 804

Syria................................................................ -1 -10 -14 -2 -3 -4 -1 -9 -9 1 3 -

Thailand................................................................ -5,987 -434 93 162 148 130 399 52 18 -8 -3 13

Oil-exporting countries 5................................ -6,913 1,244 -373 1,630 9,190 576 2,106 171 170 503 4,133 -38

Other Asia................................................................

149 -73 -175 4 40 -9 87 19 3 13 94 35

Total Asia................................................................

184,475 178,352 31,687 84,289 73,264 12,458 30,249 45,153 15,875 2,522 4,553 2,278

Africa:

Congo (formerly Zaire)................................ 7 n.a. n.a. - n.a. n.a. - n.a. n.a. -9 n.a. n.a.

Egypt................................................................ 48 -8 -2 86 -11 - 97 -1 9 -55 34 -7

Ghana................................................................ - - - - - - 1 - - 1 -1 -1

Liberia................................................................-23 -31 4 710 784 -163 202 207 57 23 -140 26

Morocco................................................................ -49 248 - 1 - - -1 2 - 187 6 2

South Africa ................................................................ -126 19 27 35 75 30 -40 -42 -6 6 14 30

Oil-exporting countries 6................................52 -6 -1 859 200 - -8 100 100 -13 -19 -8

Other Africa................................................................

146 94 99 271 52 46 143 87 27 132 67 93

Total Africa................................................................

55 316 127 1,962 1,100 -87 394 353 187 272 -39 135

Other countries:

Australia................................................................ 6,706 -4,462 -571 -798 401 206 405 1,661 227 -620 -2,676 -2,914

New Zealand................................................................ -444 -336 -134 -144 57 5 89 63 50 208 637 87

All other countries................................

704 379 87 487 90 56 1,113 -202 133 -65 -126 -28

Total other countries................................

6,966 -4,419 -618 -455 548 267 1,607 1,522 410 -477 -2,165 -2,855

Total foreign countries................................

278,865 302,283 56,730 162,073 164,839 41,111 269,403 225,790 98,584 37,801 -2,074 3,986

International and regional orgs:

International................................................................ -446 620 414 -930 459 338 630 1,100 330 -51 -73 -122

European regional................................ 114 56 -2 - 9 -15 -3 -9 -9 - -2 -3

Latin American regional................................-38 -112 2 -31 144 121 139 36 68 -7 -2 1

Caribbean regional................................ -15 -5 - 37 19 22 - -3 -3 -1 - -

Asian regional................................................................ -351 -494 -876 -126 -57 -338 2 - - -5 - -

African regional................................ 10 47 - -14 -30 -10 11 68 7 - - -

Middle Eastern regional................................

 - - - - 32 32 - 6 6 31 1 -1

Total international and regional................................

-726 112 -462 -1,064 576 150 779 1,198 399 -33 -76 -125

Grand total................................ 278,139 302,395 56,268 161,009 165,415 41,261 270,182 226,988 98,983 37,768 -2,150 3,861

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.”

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the 

former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as 

follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 

1994 for the forme r Yugoslav Republic of Macedonia.

4

 Before January 2001, data included in United Kingdom.

5

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial 

States).

6

 Includes Algeria, Gabon, Libya, and Nigeria.
CAPITAL MOVEMENTS 93

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic

and Foreign Securities, by Type and Country, During Third Quarter 2004, Preliminary

[In millions of dollars. Source: Treasury International Capital Reporting System]

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents

Domestic securities Domestic securities

Corporate and

other Foreign securities

Corporate and

 other Foreign securities

Country

 Total

 pur-

 chases

 (1)

 Market-

 able

 Treasury

 and

 Federal

 Financ-

 ing Bank

 bonds

 and

 notes

 (2)

 Bonds

 of U.S.

 Gov’t

 corps 

and 

federally-

 spon-

 sored

agencies

 (3)

 Bonds

 (4)

Stocks

 (5)

 Bonds

 (6)

Stocks

 (7)

 Total

 sales

 (8)

 Market-

 able

 Treasury

 and

 Federal

 Financ-

 ing Bank

 bonds

 and 

 notes

 (9)

Bonds 

of U.S.

Gov’t

corps 

and 

federallysponsored

agencies

 (10)

 Bonds

 (11)

 Stocks

 (12)

 Bonds

 (13)

 Stocks

 (14)

Europe:

Austria ................................................................ 3,984 2,169 175 228 637 538 237 4,154 2,162 394 108 744 489 257

Belgium 1................................................................ 23,758 5,586 11,644 1,502 3,593 473 960 22,270 5,414 11,526 417 3,665 367 881

Bulgaria ................................................................ 34 17 - - 17 - - 90 54 10 - 18 8 - 

Czech Republic ................................ 6,006 5,812 - 19 132 - 43 5,329 5,076 59 20 139 - 35

Denmark ................................................................ 5,190 1,606 676 528 638 970 772 5,501 2,383 631 324 529 1,010 624

Finland................................................................ 2,249 831 249 97 648 32 392 2,357 1,301 54 61 543 22 376

France ................................................................ 245,268 130,957 410 5,273 93,270 5,829 9,529 245,600 133,199 633 2,316 92,560 6,714 10,178

Germany................................................................ 73,330 37,508 1,927 8,660 14,955 6,055 4,225 63,106 34,253 1,301 1,741 15,496 6,526 3,789

Greece................................................................ 834 325 15 26 169 68 231 2,252 1,724 - - 188 121 219

Hungary ................................................................ 297 105 - 15 66 40 71 304 182 15 - 63 1 43

Ireland................................................................ 132,032 102,986 5,959 8,000 8,805 3,264 3,018 125,108 101,755 4,357 4,472 8,013 3,459 3,052

Italy ................................................................ 17,583 4,808 655 289 8,140 1,991 1,700 19,563 5,957 701 108 8,956 1,317 2,524

Luxembourg 1................................................................ 17,889 3,046 3,243 2,844 5,169 1,580 2,007 15,120 3,959 3,696 821 4,170 685 1,789

Netherlands ................................................................ 33,467 14,827 3,167 1,465 8,642 1,064 4,302 38,103 19,279 3,126 1,344 9,003 1,284 4,067

Norway ................................................................ 103,457 95,599 3,137 935 2,308 514 964 94,632 87,035 3,245 306 2,253 396 1,397

Poland ................................................................ 1,860 1,406 25 6 123 239 61 1,280 1,065 26 4 91 26 68

Portugal ................................................................ 4,660 3,962 241 17 252 69 119 4,579 3,922 228 24 242 85 78

Romania ................................................................ 2,185 1,530 511 71 11 62 - 1,135 962 98 50 11 14 -

Russia 2................................................................ 7,716 214 6,760 60 170 298 214 4,910 374 3,760 28 182 335 231

Serbia and Montenegro (formerly

Yugoslavia) 3................................ 489 488 - - 1 - - 442 442 - - - - -

Spain ................................................................ 28,113 9,519 1,282 12,574 1,609 1,340 1,789 27,943 8,956 1,058 12,482 1,979 1,656 1,812

Sweden ................................................................ 20,905 10,236 3,930 342 4,269 410 1,718 23,711 10,174 4,059 152 4,700 315 4,311

Switzerland ................................................................ 35,485 11,217 1,903 3,488 11,486 2,109 5,282 35,157 11,467 1,269 2,397 12,700 2,403 4,921

Turkey................................................................ 4,177 3,747 4 10 23 129 264 3,967 3,487 6 27 41 78 328

United Kingdom ................................ 1,605,259 850,412 49,205 121,042 234,113 195,657 154,830 1,555,625 841,396 35,364 80,587 232,349 204,524 161,405

Channel Islands and Isle of Man 4................................ 16,506 2,604 311 7,030 3,438 2,287 836 17,973 2,213 327 8,670 3,626 2,224 913

Other Europe ................................................................

14,017 4,757 2,126 1,000 900 1,960 3,274 15,320 6,361 2,272 240 825 1,682 3,940

Total Europe ................................

2,406,750 1,306,274 97,555 175,521 403,584 226,978 196,838 2,335,531 1,294,552 78,215 116,699 403,086 235,741 207,238

Canada................................................................

203,172 109,605 3,816 6,628 34,935 25,067 23,121 186,616 106,035 3,127 4,788 28,662 25,323 18,681

Latin America:

Argentina ................................................................ 2,830 386 137 257 773 894 383 2,339 430 74 134 799 533 369

Brazil................................................................ 20,623 14,606 795 443 663 2,436 1,680 16,630 11,843 76 306 529 1,954 1,922

Chile................................................................ 4,415 2,543 95 179 286 1,042 270 4,729 2,506 772 108 296 820 227

Colombia ................................................................ 2,748 987 283 378 258 781 61 2,323 915 237 89 264 740 78

Ecuador................................................................ 537 17 92 208 81 35 104 722 45 164 198 171 22 122

Guatemala................................................................ 91 20 7 6 18 37 3 97 - 30 2 18 44 3

Mexico................................................................ 20,914 1,603 5,830 6,177 1,239 3,676 2,389 15,721 7,198 856 501 1,164 4,068 1,934

Panama................................................................ 2,152 305 364 370 454 501 158 2,196 570 340 214 440 480 152

Peru ................................................................ 628 57 158 176 97 94 46 566 61 144 36 102 164 59

Uruguay ................................................................ 2,289 441 155 174 375 989 155 2,259 665 71 85 355 940 143

Venezuela ................................................................ 2,643 230 90 338 847 881 257 2,688 263 75 231 959 927 233

Other Latin America 5................................

4,862 1,544 2,331 187 185 586 29 2,658 1,792 115 91 182 452 26

Total Latin America ................................

64,732 22,739 10,337 8,893 5,276 11,952 5,535 52,928 26,288 2,954 1,995 5,279 11,144 5,268

Caribbean:

Bahamas ................................................................ 76,682 32,914 2,646 6,036 21,628 6,294 7,164 76,211 34,242 1,489 6,054 21,596 5,920 6,910

Bermuda................................................................ 351,015 154,157 27,144 13,360 127,314 14,633 14,407 335,797 144,940 25,066 10,434 126,809 14,466 14,082

Cayman Islands 6................................873,456 284,183 177,609 68,205 240,999 58,428 44,032 864,539 280,782 180,345 57,430 244,292 60,456 41,234

Cuba ................................................................ - - - - - - - - - - - - - -

Jamaica ................................................................ 320 49 120 27 6 118 - 343 6 195 28 6 107 1

Netherlands Antilles ................................ 25,038 8,531 94 482 13,105 718 2,108 21,379 6,330 77 441 11,891 453 2,187

Trinidad and Tobago................................924 329 356 68 24 146 1 752 267 308 19 29 125 4

Other Caribbean 5................................

249,366 86,565 2,665 7,738 131,527 2,500 18,371 246,807 86,370 2,093 6,958 132,320 1,972 17,094

Total Caribbean ................................

1,576,801 566,728 210,634 95,916 534,603 82,837 86,083 1,545,828 552,937 209,573 81,364 536,943 83,499 81,512

See footnotes at end of table.
94 CAPITAL MOVEMENTS

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic

and Foreign Securities, by Type and Country, During Third Quarter 2004, Preliminary, con.

[In millions of dollars. Source: Treasury International Capital Reporting System]

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents

Domestic securities Domestic securities

Corporate and

other Foreign securities

Corporate and

other Foreign securities

Country

 Total pur-

 chases

 (1)

Marketable

Treasury

and

Federal

Financing Bank

bonds

and

notes

(2)

 Bonds

 of U.S.

 Gov’t

corps and 

federally-

 spon-

 sored

agencies

 (3)

 Bonds

 (4)

 Stocks

 (5)

 Bonds

 (6)

Stocks

(7)

 Total

 sales

 (8)

Marketable

Treasury

and

Federal

 Financ-

 ing Bank

 bonds

 and 

 notes

 (9)

Bonds 

of U.S.

Gov’t

corps and 

federally-

 spon-

 sored

 agencies

 (10)

Bonds

(11)

Stocks

(12)

 Bonds

 (13)

 Stocks

 (14)

Asia:

China:

Mainland................................83,727 59,921 17,141 4,414 355 1,704 192 70,380 56,864 11,672 413 378 709 344

Taiwan................................ 23,719 3,521 2,071 563 983 819 15,762 23,631 4,024 2,145 202 1,054 344 15,862

Hong Kong................................ 56,826 24,242 7,247 3,370 2,864 4,210 14,893 50,779 25,012 4,224 902 3,343 2,706 14,592

India................................................................ 1,514 179 8 2 34 22 1,269 4,571 3,464 - - 107 3 997

Indonesia................................ 2,178 1,327 452 1 90 100 208 1,716 1,063 316 4 64 65 204

Israel................................................................ 6,573 3,093 188 451 1,783 61 997 6,467 3,416 29 389 1,690 94 849

Japan................................................................ 308,704 190,079 29,630 11,217 11,027 23,037 43,714 273,962 159,735 28,269 4,386 9,075 25,563 46,934

Korea................................................................ 27,170 17,655 5,258 486 162 1,308 2,301 21,504 11,733 4,404 166 121 2,706 2,374

Lebanon................................ 120 3 3 6 91 6 11 142 8 1 2 105 15 11

Malaysia................................ 3,065 1,798 235 54 78 437 463 3,925 2,801 191 2 70 156 705

Pakistan................................ 179 63 61 40 3 12 - 259 209 1 28 5 12 4

Philippines................................ 1,820 634 573 101 95 341 76 2,539 601 297 36 89 1,437 79

Singapore................................ 39,471 18,707 2,805 3,293 6,442 3,571 4,653 36,355 20,136 2,358 1,775 5,638 2,012 4,436

Syria................................................................ - - - - - - - 27 14 4 9 - - -

Thailand................................ 1,498 863 142 23 81 12 377 1,371 770 12 5 68 123 393

Other Asia................................

11,704 3,963 1,939 697 3,236 1,134 735 11,584 4,511 1,372 524 3,239 1,255 683

Total Asia................................

568,268 326,048 67,753 24,718 27,324 36,774 85,651 509,212 294,361 55,295 8,843 25,046 37,200 88,467

Africa:

Congo (formerly Zaire)................................ - - - - - - - - - - - - - -

Egypt................................................................ 250 5 1 16 136 12 80 220 7 1 7 143 11 51

Ghana................................................................ - - - - - - - 5 - - - 1 - 4

Liberia................................................................ 854 4 441 71 232 31 75 982 - 604 14 206 30 128

Morocco................................ 40 - - - 33 1 6 36 - - - 31 - 5

South Africa................................ 793 56 40 19 125 105 448 701 29 10 25 95 188 354

Other Africa ................................

1,358 401 94 144 192 192 335 608 303 48 17 107 42 91

Total Africa................................

3,295 466 576 250 718 341 944 2,552 339 663 63 583 271 633

Other countries:

Australia................................ 28,194 11,449 1,260 651 3,044 3,346 8,444 32,409 12,020 1,054 424 5,958 2,705 10,248

New Zealand................................1,784 254 61 64 295 820 290 1,867 388 56 14 208 961 240

All other countries................................

1,439 582 218 172 167 173 127 1,131 495 162 39 195 91 149

Total other countries................................

31,417 12,285 1,539 887 3,506 4,339 8,861 35,407 12,903 1,272 477 6,361 3,757 10,637

Total foreign countries................................

4,854,435 2,344,145 392,210 312,813 1,009,946 388,288 407,033 4,668,074 2,287,415 351,099 214,229 1,005,960 396,935 412,436

International and 

 regional orgs:

International................................ 5,509 3,735 454 431 177 709 3 4,534 3,321 116 101 299 681 16

European regional................................ 475 10 3 62 - 237 163 624 12 18 71 3 294 226

Latin American regional................................ 297 2 122 68 98 7 - 110 - 1 - 97 12 -

Caribbean regional................................ 33 - 33 - - - - 14 - 11 3 - - -

Asian regional................................ 1,824 1,755 60 - - 9 - 3,035 2,631 398 - - 5 1

African regional................................ 10 - - 7 - 3 - 10 - 10 - - - -

Middle Eastern regional................................

44 - 32 6 6 - - 7 - - - 7 - -

Total international

 and regional................................

8,192 5,502 704 574 281 965 166 8,334 5,964 554 175 406 992 243

Grand total................................ 4,862,627 2,349,647 392,914 313,387 1,010,227 389,253 407,199 4,676,408 2,293,379 351,653 214,404 1,006,366 397,927 412,679

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.”

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the 

former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as 

follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 

1994 for the former Yugoslav Republic of Macedonia.

4

 Before Ja nuary 2001, data included in United Kingdom.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin 

America and Caribbean.”

6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.
CAPITAL MOVEMENTS 95

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic

and Foreign Securities, by Type and Country, During Calendar Year 2003

[In millions of dollars. Source: Treasury International Capital Reporting System]

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents

Domestic securities Domestic securities

Corporate and

other Foreign securities

Corporate and

other

Foreign 

securities

Country

 Total pur-

 chases

 (1)

Marketable

Treasury

and

Federal

Financing Bank

bonds

and

notes

(2)

Bonds

of U.S.

Gov’t

corps and

federallysponsored

agencies

(3)

 Bonds

 (4)

 Stocks

 (5)

Bonds

(6)

Stocks

(7)

Total

sales

(8)

 Market-

 able

 Treasury

 and

 Federal

 Financ-

 ing Bank

 bonds

 and 

 notes

 (9)

Bonds 

of U.S.

Gov’t

corps and 

federallysponsored

agencies

(10)

Bonds

(11)

Stocks

(12)

Bonds

(13)

Stocks

(14)

Europe:

Austria ................................................................ 22,749 12,758 2,785 889 2,877 2,316 1,124 22,630 13,618 2,128 466 3,057 2,110 1,251

Belgium 1................................................................ 92,080 32,059 25,524 6,868 19,975 3,045 4,609 86,738 30,320 24,868 4,428 19,750 3,356 4,016

Bulgaria ................................................................ 432 243 27 72 55 7 28 385 196 13 54 57 38 27

Czech Republic ................................ 38,130 34,038 2,733 171 1,011 18 159 35,734 33,757 636 99 985 24 233

Denmark ................................................................ 34,942 17,500 4,083 2,682 5,080 3,207 2,390 28,201 15,086 2,523 1,473 4,383 2,712 2,024

Finland................................................................ 10,814 5,208 585 340 1,460 433 2,788 11,931 5,638 472 451 1,166 1,523 2,681

France ................................................................ 838,909 498,662 6,639 16,855 258,730 15,557 42,466 837,828 505,462 5,679 13,063 252,517 17,555 43,552

Germany................................................................ 309,585 153,348 10,262 16,958 43,698 61,220 24,099 296,174 145,427 11,394 13,168 44,667 59,853 21,665

Greece................................................................ 9,433 6,054 348 117 875 1,340 699 8,293 5,318 450 90 924 727 784

Hungary ................................................................ 1,606 838 112 38 148 178 292 1,471 794 110 26 154 127 260

Ireland................................................................ 401,691 264,633 20,915 24,674 65,393 13,187 12,889 371,374 260,891 16,820 15,152 57,614 8,272 12,625

Italy ................................................................ 108,595 46,243 4,025 3,433 33,336 10,060 11,498 110,796 48,778 3,635 1,355 32,777 12,975 11,276

Luxembourg 1................................ 80,683 14,208 21,983 11,045 21,571 6,793 5,083 66,051 13,302 19,331 5,804 19,522 3,501 4,591

Netherlands ................................................................ 231,201 135,837 24,344 7,171 35,606 9,691 18,552 229,465 136,037 24,447 5,890 35,540 9,960 17,591

Norway ................................................................ 424,129 373,692 14,367 6,773 14,025 12,759 2,513 406,973 366,193 12,791 991 9,001 15,227 2,770

Poland ................................................................ 7,271 4,475 808 30 59 1,722 177 5,886 3,616 402 5 64 1,687 112

Portugal ................................................................ 21,142 16,073 1,452 91 1,515 572 1,439 19,874 15,333 1,308 121 1,394 396 1,322

Romania ................................................................ 4,867 4,332 257 70 26 179 3 3,963 3,417 296 1 26 210 13

Russia 2................................................................ 38,297 6,741 26,942 278 734 755 2,847 34,483 6,870 23,725 195 734 843 2,116

Serbia and Montenegro 

(formerly Yugoslavia) 3................................ 183 145 - 14 4 8 12 159 130 - 5 2 4 18

Spain ................................................................ 52,373 23,994 4,803 1,020 5,996 8,922 7,638 60,223 29,124 8,831 351 5,627 9,507 6,783

Sweden ................................................................ 92,031 43,562 9,614 1,647 23,369 898 12,941 89,131 43,130 9,684 1,353 19,944 728 14,292

Switzerland ................................................................ 180,285 61,564 13,002 11,870 58,070 13,416 22,363 167,048 56,670 11,426 5,747 60,209 9,872 23,124

Turkey................................................................ 10,890 8,546 16 41 229 767 1,291 14,345 10,148 9 384 206 1,185 2,413

United Kingdom ................................5,680,602 3,118,796 165,106 396,321 629,107 841,700 529,572 5,516,005 3,082,825 139,823 288,782 628,432 839,012 537,131

Channel Islands and Isle

 of Man 4................................................................ 66,682 9,224 11,197 29,600 10,559 4,217 1,885 44,009 7,670 9,375 11,522 10,462 3,121 1,859

Other Europe ................................

46,178 24,084 4,409 1,703 3,821 3,829 8,332 47,542 26,004 4,230 1,115 3,840 3,541 8,812

Total Europe ................................

8,805,780 4,916,857 376,338 540,771 1,237,329 1,016,796 717,689 8,516,712 4,865,754 334,406 372,091 1,213,054 1,008,066 723,341

Canada................................................................

839,480 457,209 21,799 22,962 167,379 107,504 62,627 803,241 446,422 23,212 16,086 155,676 96,299 65,546

Latin America:

Argentina ................................................................ 15,172 3,222 1,267 1,438 4,460 3,343 1,442 12,641 1,758 1,621 623 4,753 2,419 1,467

Brazil................................................................ 72,141 32,681 2,474 1,370 2,774 27,378 5,464 70,103 29,753 2,962 540 2,611 27,037 7,200

Chile................................................................ 17,387 6,738 1,493 1,693 2,339 3,977 1,147 18,774 6,982 1,200 1,606 2,196 5,630 1,160

Colombia ................................................................ 12,617 3,289 2,807 1,152 1,087 4,094 188 12,808 3,867 2,537 992 1,040 4,254 118

Ecuador................................................................ 2,339 245 534 92 1,169 50 249 1,772 182 117 25 1,141 55 252

Guatemala................................................................ 607 46 119 72 90 256 24 557 43 57 64 127 245 21

Mexico................................................................ 75,332 30,610 8,908 5,944 5,823 15,711 8,336 63,392 25,252 5,317 2,647 6,131 17,773 6,272

Panama................................................................ 12,492 1,264 3,643 1,683 2,861 2,112 929 10,479 1,442 2,166 1,350 2,875 1,832 814

Peru ................................................................ 4,396 948 1,170 452 598 920 308 2,691 358 199 228 458 1,078 370

Uruguay ................................................................ 10,845 2,108 901 889 1,807 4,508 632 8,710 1,311 435 456 1,541 4,501 466

Venezuela ................................................................ 11,330 841 1,543 986 3,639 3,830 491 7,443 524 905 526 3,048 1,987 453

Other Latin America 5................................

10,735 4,493 1,457 1,194 1,923 1,489 179 8,269 4,206 252 412 1,956 1,311 132

Total Latin America ................................

245,393 86,485 26,316 16,965 28,570 67,668 19,389 217,639 75,678 17,768 9,469 27,877 68,122 18,725

Caribbean:

Bahamas ................................................................ 426,895 234,434 39,818 27,384 80,435 26,218 18,606 426,622 240,581 35,038 25,184 80,548 26,422 18,849

Bermuda................................................................ 1,069,834 365,878 187,706 53,972 387,396 31,215 43,667 1,026,996 341,103 179,182 40,009 391,725 30,887 44,090

Cayman Islands 6................................ 3,420,434 1,005,694 1,177,415 219,466 680,845 213,684 123,330 3,393,767 1,015,073 1,167,055 187,102 678,659 224,716 121,162

Cuba ................................................................ - - - - - - - 2 - - - 2 - -

Jamaica ................................................................ 2,410 123 1,689 181 119 272 26 1,750 124 1,221 57 102 217 29

Netherlands Antilles ................................ 262,359 153,196 22,535 4,114 67,041 6,465 9,008 253,841 145,215 23,452 3,415 66,284 6,464 9,011

Trinidad and Tobago................................1,242 237 290 106 139 449 21 733 173 13 45 126 350 26

Other Caribbean 5................................

494,562 78,174 12,456 33,016 320,198 10,634 40,084 487,237 80,795 8,738 28,326 319,914 10,012 39,452

Total Caribbean ................................

5,677,736 1,837,736 1,441,909 338,239 1,536,173 288,937 234,742 5,590,948 1,823,064 1,414,699 284,138 1,537,360 299,068 232,619

See footnotes at end of table.
96 CAPITAL MOVEMENTS

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic

and Foreign Securities, by Type and Country, During Calendar Year 2003, con.

[In millions of dollars. Source: Treasury International Capital Reporting System]

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents

Domestic securities Domestic securities

Corporate and

other Foreign securities

Corporate and

other Foreign securities

Country

 Total

 pur-

 chases

 (1)

 Market-

 able

 Treasury

 and

 Federal

 Financing Bank

 bonds

 and

 notes

 (2)

 Bonds

 of U.S.

 Gov’t

 corps and 

 federally-

 spon-

 sored

 agencies

 (3)

 Bonds

 (4) 

 Stocks

 (5)

 Bonds

 (6)

 Stocks

 (7)

Total

sales

(8)

Marketable

Treasury

and

Federal

Financing Bank

bonds

and 

notes

(9)

Bonds 

of U.S.

Gov’t

corps and 

federallysponsored

agencies

(10)

 Bonds

 (11)

 Stocks

 (12)

 Bonds

 (13)

 Stocks

 (14)

Asia:

China:

Mainland................................ 385,582 266,359 102,865 7,130 2,215 6,179 834 318,473 235,876 73,236 2,504 2,294 3,717 846

Taiwan................................101,908 31,771 16,212 2,369 6,766 5,328 39,462 100,092 22,740 6,715 771 6,467 1,466 61,933

Hong Kong................................ 259,307 127,149 28,710 8,330 10,268 21,912 62,938 241,317 121,073 16,796 3,854 9,422 23,321 66,851

India................................................................ 7,671 5,392 17 57 208 145 1,852 8,014 4,907 35 38 280 14 2,740

Indonesia................................ 9,407 6,112 1,442 100 368 720 665 7,738 5,492 944 51 301 269 681

Israel................................ 26,377 15,421 1,276 1,436 5,121 514 2,609 27,279 17,742 560 890 5,145 303 2,639

Japan................................ 1,035,009 581,735 100,544 30,477 49,202 107,452 165,599 886,242 432,958 78,197 18,372 51,530 101,981 203,204

Korea................................ 97,628 51,338 31,313 1,519 567 4,558 8,333 84,654 46,143 22,969 738 587 3,961 10,256

Lebanon................................ 606 79 23 23 309 113 59 635 61 16 15 342 152 49

Malaysia................................ 12,715 8,033 1,350 101 357 1,237 1,637 14,039 8,288 2,518 94 384 647 2,108

Pakistan................................ 279 - 5 3 233 - 38 265 - 2 - 238 11 14

Philippines................................ 7,479 3,445 1,558 286 352 1,452 386 7,240 2,984 1,511 197 392 1,811 345

Singapore................................176,593 84,289 13,422 13,367 36,112 12,092 17,311 167,383 85,632 12,743 10,016 32,683 10,764 15,545

Syria................................................................ 80 26 - - 23 - 31 63 27 2 1 22 - 11

Thailand................................ 18,138 15,033 975 515 293 225 1,097 23,659 21,020 813 116 301 212 1,197

Other Asia................................65,749 23,809 12,133 5,105 18,931 2,420 3,351 66,133 30,573 10,499 2,912 18,415 1,832 1,902

Total Asia................................

2,204,528 1,219,991 311,845 70,818 131,325 164,347 306,202 1,953,226 1,035,516 227,556 40,569 128,803 150,461 370,321

Africa:

Congo (formerly Zaire)................................ 240 7 - - 230 1 2 255 - - - 239 2 14

Egypt................................ 843 98 92 114 434 64 41 696 50 6 17 489 44 90

Ghana................................ 24 - - 1 13 - 10 22 - - - 12 - 10

Liberia................................ 2,038 117 845 473 314 88 201 1,132 140 135 271 291 91 204

Morocco................................ 534 200 1 - 303 18 12 448 249 - 1 116 50 32

South Africa................................4,081 625 59 864 511 615 1,407 4,333 751 24 904 505 637 1,512

Other Africa ................................5,977 1,667 1,653 209 1,253 761 434 3,951 1,469 523 74 1,134 310 441

Total Africa................................

13,737 2,714 2,650 1,661 3,058 1,547 2,107 10,837 2,659 688 1,267 2,786 1,134 2,303

Other countries:

Australia................................ 135,603 69,699 5,966 3,630 13,905 11,628 30,775 131,515 62,993 6,764 3,225 14,525 12,488 31,520

New Zealand................................4,468 946 403 312 827 864 1,116 5,028 1,390 547 223 619 1,117 1,132

All other countries................................ 8,071 4,351 962 1,302 697 558 201 5,614 3,647 475 189 762 258 283

Total other countries 148,142 74,996 7,331 5,244 15,429 13,050 32,092 142,157 68,030 7,786 3,637 15,906 13,863 32,935

Total foreign countries 17,934,796 8,595,988 2,188,188 996,660 3,119,263 1,659,849 1,374,848 17,234,760 8,317,123 2,026,115 727,257 3,081,462 1,637,013 1,445,790

International and

 regional orgs.:

International ................................16,073 11,966 1,577 902 442 1,160 26 17,458 12,412 2,507 272 493 1,665 109

European regional................................ 1,965 177 - 5 - 530 1,253 1,800 63 - 8 - 494 1,235

Latin American regional................................ 986 235 127 295 274 55 - 954 273 158 156 281 86 -

Caribbean regional................................40 - 40 - - - - 19 15 3 - 1 - -

Asian regional................................5,876 3,505 2,293 3 40 31 4 6,360 3,856 2,419 1 45 34 5

African regional................................ 59 10 22 11 - 15 1 46 - 36 - - 10 -

Middle Eastern regional................................ 59 - - - 57 - 2 26 - - - 26 - -

 Total international

 and regional................................

25,058 15,893 4,059 1,216 813 1,791 1,286 26,663 16,619 5,123 437 846 2,289 1,349

 Grand total................................ 17,959,854 8,611,881 2,192,247 997,876 3,120,076 1,661,640 1,376,134 17,261,423 8,333,742 2,031,238 727,694 3,082,308 1,639,302 1,447,139

1

 Before January 2001, combined data reported for Belgium-Luxembourg.

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.”

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former 

Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: 

Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the 

former Yugoslav Republic of Macedonia.

4 Before January 2001, data included in Un ited Kingdom.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other 

Latin America and Caribbean.”

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.
CAPITAL MOVEMENTS 97

CHART CM-C.—Net Purchases of Long-Term

Domestic Securities by Foreigners, Selected Countries

0

50

100

150

200

250

300

350

400

450

2001 2002 2003 2004

Jan. - Sept.

2004

July - Sept.

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

Note: To facilitate comparison of net purchases 

during 2004 with those in prior years, the chart 

depicts data for all periods at an annualized rate.

[In millions of dollars. Source: Treasury International Capital Reporting System]

Calendar years

Country 2001 2002 2003

2004

Jan. - Sept.

2004

July - Sept.

United Kingdom................................ 183,986 186,691 169,468 151,994 65,076

All other Europe................................ 78,921 57,064 116,522 81,750 25,306

Caribbean banking centers 1,2................................ 57,817 76,144 89,322 98,619 26,118

Japan................................................................ 56,589 91,412 180,901 209,062 40,488

All other Asia................................ 110,995 109,314 120,634 92,260 21,810

Subtotal................................

488,308 520,625 676,847 633,685 178,798

All other countries ................................

32,541 26,940 70,251 58,963 21,575

Grand total................................ 520,849 547,565 747,098 692,648 200,373

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format.

The data on this page represent 

foreign investors’ purchases and 

sales of long-term U.S. securities 

(that is, U.S. Treasury and 

Government agency bonds and 

notes, and U.S. corporate bonds 

and stocks) as reported to the TIC 

reporting system. Foreign 

investors also acquired U.S. 

equities through mergers that 

involve stock swaps. Net foreign 

acquisitions of U.S. equities 

through stock swaps have been 

modest, amounting to $7 billion in 

both 2001 and 2002, $2 billion in 

2003, and $14 billion in the first 

three quarters of 2004. (Stock 

swaps data for the most recent 

quarter are Federal Reserve 

Board/Treasury estimates and are 

subject to substantial revisions.) 

These stock swaps are not 

reported under the TIC reporting 

system, but are now available on 

the TIC web site.

The data present aggregate net 

purchases for 2001 through the 

third quarter of 2004. The figures 

show that foreigners’ annual net 

purchases (gross purchases minus 

gross sales) of U.S. securities 

have maintained an extremely 

high level since 2001.

Annual net foreign purchases of 

U.S. securities first surpassed 

$100 billion in 1993. In 2003, net 

acquisitions (including stock 

swaps) of U.S. securities totaled a 

record $749 billion. Net 

acquisitions in the first three 

quarters of 2004 were even 

stronger at $707 billion.
98 CAPITAL MOVEMENTS

CHART CM-D.—Net Purchases of Long-Term

Foreign Securities by U.S. Investors*

-100

-50

0

50

100

150

 2000 2001 2002 2003 2004

Jan.-Sept.

2004

July-Sept.

Foreign bonds Foreign stocks Total foreign securities

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2004

with those in prior years, the chart depicts data for all periods

at an annualized rate.

[In millions of dollars. Source: Treasury International Capital Reporting System]

Calendar years

Type 2000 2001 2002 2003

2004

Jan. - Sept.

2004

July - Sept.

Foreign bonds ................................ 4,054 -30,502 -28,492 -22,338 -5,349 8,674

Foreign stocks................................ 13,088 50,113 1,493 71,005 48,503 5,480

Total................................

17,142 19,611 -26,999 48,667 43,154 14,154

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities.

The data on this page represent 

U.S. investors’ purchases and 

sales of long-term foreign 

securities as reported to the TIC 

reporting system. However, in the 

past several years, U.S. investors 

also have acquired a substantial 

amount of foreign stocks, mostly 

European, through mergers that 

involve stock swaps. Net 

acquisitions through stock swaps 

amounted to $80 billion in 2000, 

$47 billion in 2001, $3 billion in 

2002, $17 billion in 2003, and $14 

billion in the first three quarters of 

2004. (Stock swaps data for the 

most recent quarter are Federal 

Reserve Board/Treasury estimates 

and are subject to substantial 

revisions.) These stock swaps are 

not reported under the TIC 

reporting system, but are now 

available on the TIC web site.

Including the stock swaps, annual 

U.S. net purchases of long-term 

foreign securities averaged about 

$100 billion from the mid-1990s 

through 2000, without much 

variation from year to year. Since 

then, however, U.S. investors’ 

acquisitions of foreign securities 

(including stock swaps) have been 

more modest, with acquisitions of 

$67 billion in 2001, net sales of 

$24 billion in 2002, and 

acquisitions of $66 billion in 

2003. In the first three quarters of 

2004, acquisitions amounted to 

$57 billion.
99

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency

holdings of large foreign exchange market participants.

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options, 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports.

The information is based on reports of large foreign 

exchange market participants on holdings of five major

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar.

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other”

currency positions of reporting institutions. U.S.-based

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S.

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128,

Subpart C).

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange

contracts on the last business day of any calendar quarter 

during the previous year (end March, June, September, or 

December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold.

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December).

This information is published in six sections

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly Treasury reports.

Tables I-3 through VI-3 present quarterly consolidated

currency data reported by large market participants that do 

not file weekly reports.

Principal exchanged under cross-currency interest rate

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on

monthly and quarterly reports through December 1998,

when this practice was discontinued. The net options

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract.
100 FOREIGN CURRENCY POSITIONS

SECTION I.—Canadian Dollar Positions

TABLE FCP-I-1.—Weekly Report of Major Market Participants

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations]

Spot, forward and future contracts

Report date

Purchased

(1)

Sold

(2)

Net options positions

(3)

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar)

(4)

04/07/04.............................................................. 421,192 433,619 -2,288 1.3095

04/14/04.............................................................. 417,262 437,753 -2,754 1.3458

04/21/04.............................................................. 422,064 443,284 -2,406 1.3603

04/28/04.............................................................. 430,096 452,783 -2,692 1.3744

05/05/04.............................................................. 418,397 442,490 -2,940 1.3750

05/12/04.............................................................. 432,480 459,704 -2,400 1.3881

05/19/04.............................................................. 424,701 450,626 -2,772 1.3771

05/26/04.............................................................. 432,707 457,373 -2,659 1.3709

06/02/04.............................................................. 430,310 455,873 -2,108 1.3626

06/09/04.............................................................. 452,347 448,146 -2,243 1.3590

06/16/04.............................................................. 407,485 397,923 -1,594 1.3750

06/23/04.............................................................. 383,213 378,117 -724 1.3596

06/30/04.............................................................. 383,650 384,114 -302 1.3331

07/07/04.............................................................. 384,652 384,885 -381 1.3226

07/14/04.............................................................. 393,126 396,357 -418 1.3223

07/21/04.............................................................. 403,466 406,099 -79 1.3229

07/28/04.............................................................. 404,387 408,613 -816 1.3297

08/04/04.............................................................. 401,135 406,446 -790 1.3151

08/11/04.............................................................. 395,442 399,274 -1,023 1.3253

08/18/04.............................................................. 411,000 414,470 -794 1.3053

08/25/04.............................................................. 424,398 427,900 -610 1.3055

09/01/04.............................................................. 429,216 431,512 -236 1.3071

09/08/04.............................................................. 470,548 473,529 -830 1.2911

09/15/04.............................................................. 406,954 410,875 -1,070 1.2974

09/22/04.............................................................. 400,613 403,504 -1,327 1.2841

09/29/04.............................................................. 429,257 431,678 -723 1.2700
FOREIGN CURRENCY POSITIONS 101

SECTION I.—Canadian Dollar Positions, con.

TABLE FCP-I-2.—Monthly Report of Major Market Participants

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations]

Spot, forward Options positions

and future contracts Non-capital items Calls Puts

Report date

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

Net delta

equivalent

(9)

Exchange rate

(Canadian

dollars per 

U.S. dollar)

(10)

2001 - Dec................................ 269,352 273,354 80,030 76,966 25,527 27,709 27,788 28,719 -601 1.5921

2002 - Dec................................ 313,637 309,627 85,780 86,978 38,202 44,315 39,474 33,245 -2,240 1.5729

2003 - Oct................................ 379,415 388,592 93,239 93,537 102,781 97,040 88,000 96,274 -2,539 1.3191

Nov ................................ 377,945 397,298 97,273 95,951 98,787 90,607 82,899 91,831 -2,144 1.2991

Dec ................................ 374,848 390,545 91,332 91,462 91,209 84,411 75,920 80,482 -2,698 1.2972

2004 - Jan................................ 409,120 421,966 110,452 109,461 95,728 88,135 81,874 89,398 -2,664 1.3251

Feb................................ 432,102 454,279 93,073 90,784 82,044 79,127 79,285 78,632 -2,246 1.3358

Mar................................ 420,769 435,736 86,513 86,009 81,054 77,294 74,495 74,971 -2,430 1.3116

Apr................................ 421,382 446,572 87,989 86,517 74,863 73,797 71,882 71,252 -2,956 1.3720

May ................................ 434,682 461,960 86,451 83,134 75,503 75,962 86,031 67,394 -3,297 1.3624

June................................ 387,492 392,569 90,337 89,575 62,307 64,190 59,873 58,640 -930 1.3331

July ................................ 409,248 420,130 102,433 95,753 57,452 60,508 53,408 53,007 -907 1.3297

Aug ................................ 432,515 439,945 100,840 93,457 56,362 62,487 57,112 53,763 -1,137 1.3131

Sept................................ 407,029 415,855 100,911 94,089 54,819 57,847 57,472 53,698 90 1.2619

TABLE FCP-I-3.—Quarterly Report of Large Market Participants

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations]

Spot, forward Options positions

and future contracts Non-capital items Calls Puts

Report date

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

 Written

 (8)

Net delta

equivalent

(9)

Exchange rate

(Canadian

dollars per

U.S. dollar)

(10)

2001 - Dec................................ 30,315 36,513 47,131 43,649 1,151 570 421 224 188 1.5921

2002 - Mar................................ 26,125 29,277 45,237 n.a. n.a. n.a. 595 547 167 1.5932

June................................ 28,748 33,623 45,714 n.a. n.a. 521 930 593 n.a. 1.5166

Sept................................ 39,369 40,753 56,399 38,941 1,449 326 759 351 308 1.5875

Dec ................................ 38,048 41,529 57,695 69,378 868 474 1,433 615 -253 1.5729

2003 - Mar................................ 45,629 50,134 53,084 41,777 750 1,069 1,461 1,491 -2 1.4680

June................................ 28,134 34,279 60,747 49,932 1,011 1,440 1,478 1,792 68 1.3478

Sept................................ 27,882 36,685 59,073 43,044 n.a. 556 1,251 726 12 1.3499

Dec ................................ 27,390 37,777 60,864 35,554 n.a. 1,334 1,160 620 -39 1.2972

2004 - Mar................................ 31,971 42,329 94,200 n.a. 199 1,080 2,556 635 -517 1.3116

June................................ 30,329 50,364 95,267 n.a. n.a. 736 1,786 747 -13 1.3331
102 FOREIGN CURRENCY POSITIONS

SECTION II.—Japanese Yen Positions

TABLE FCP-II-1.—Weekly Report of Major Market Participants

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations]

Spot, forward and future contracts

Report date

Purchased

(1)

Sold

(2)

Net options positions

(3)

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar)

(4)

04/07/04.............................................................. 183,335 185,192 453 105.34

04/14/04.............................................................. 187,756 189,697 504 108.73

04/21/04.............................................................. 183,138 184,720 342 109.47

04/28/04.............................................................. 182,071 184,826 425 110.16

05/05/04.............................................................. 197,720 200,679 471 108.71

05/12/04.............................................................. 186,326 187,978 -5 113.06

05/19/04.............................................................. 186,207 187,883 79 113.08

05/26/04.............................................................. 186,014 188,088 315 111.93

06/02/04.............................................................. 190,278 192,552 280 110.10

06/09/04.............................................................. 196,879 198,767 261 110.53

06/16/04.............................................................. 184,562 187,456 209 110.12

06/23/04.............................................................. 179,705 182,072 111 108.56

06/30/04.............................................................. 189,255 190,115 57 108.88

07/07/04.............................................................. 182,185 183,630 436 108.50

07/14/04.............................................................. 181,690 183,465 425 109.16

07/21/04.............................................................. 181,408 183,242 526 109.92

07/28/04.............................................................. 183,843 185,376 489 111.72

08/04/04.............................................................. 184,121 186,241 501 111.19

08/11/04.............................................................. 180,553 182,755 494 110.94

08/18/04.............................................................. 181,839 184,186 445 109.39

08/25/04.............................................................. 184,249 186,497 370 110.17

09/01/04.............................................................. 192,978 195,557 433 109.52

09/08/04.............................................................. 189,116 191,405 563 109.35

09/15/04.............................................................. 182,938 184,816 561 110.05

09/22/04.............................................................. 179,557 179,470 517 110.62

09/29/04.............................................................. 179,814 181,174 460 110.92
FOREIGN CURRENCY POSITIONS 103

SECTION II.—Japanese Yen Positions, con.

TABLE FCP-II-2.—Monthly Report of Major Market Participants

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations]

Spot, forward Options positions

and future contracts Non-capital items Calls Puts

Report date

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

 Written

 (8)

Net delta

equivalent

(9)

Exchange rate

(Japanese yen 

per U.S. dollar)

(10)

2001 - Dec................................ 150,583 153,822 28,681 27,904 21,451 20,440 55,841 57,278 568 131.68

2002 - Dec................................ 172,436 174,874 35,743 36,564 26,486 24,120 31,305 32,826 623 118.81

2003 - Oct................................ 179,383 183,629 45,291 44,157 33,619 35,561 34,942 34,392 211 109.97

Nov ................................ 171,531 175,608 41,150 40,401 33,219 34,883 37,524 37,031 274 109.64

Dec ................................ 168,865 173,966 43,262 39,601 29,960 31,224 34,206 34,108 308 107.40

2004 - Jan................................ 176,348 181,033 41,247 40,608 34,835 36,648 37,626 37,339 375 105.80

Feb................................ 193,740 197,058 35,442 35,421 35,701 38,539 39,802 40,509 336 108.98

Mar................................ 200,996 202,453 37,830 38,155 41,797 44,353 45,038 43,921 68 104.33

Apr................................ 204,174 208,079 39,363 38,697 41,077 43,367 45,657 43,261 267 110.55

May ................................ 189,068 191,788 37,884 37,304 43,356 46,562 47,484 45,570 255 110.32

June................................ 203,976 205,482 44,323 43,907 43,545 46,299 46,905 46,747 24 108.88

July ................................ 198,283 201,546 44,324 43,525 45,011 47,329 48,382 46,675 367 111.24

Aug ................................ 203,991 207,121 41,647 40,095 44,595 46,573 48,774 47,986 433 109.26

Sept................................ 196,313 199,094 43,504 43,541 45,454 47,331 47,294 46,439 256 110.04

TABLE FCP-II-3.—Quarterly Report of Large Market Participants

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations]

Spot, forward Options positions

and future contracts Non-capital items Calls Puts

Report date

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

 Written

 (8)

Net delta

equivalent

(9)

Exchange rate

(Japanese yen 

per U.S. dollar)

(10)

2001 - Dec................................ 11,633 12,154 5,917 6,337 510 661 1,319 669 -221 131.68

2002 - Mar................................ 11,992 11,000 5,696 5,693 n.a. n.a. n.a. n.a. -17 132.73

June................................ 12,703 12,179 5,127 5,006 n.a. n.a. n.a. n.a. -73 119.62

Sept................................ 13,370 13,262 5,606 5,113 n.a. n.a. n.a. n.a. 479 121.81

Dec ................................ 10,390 11,039 4,406 4,550 n.a . n.a. n.a. n.a. -210 118.81

2003 - Mar................................ 11,975 12,499 4,424 3,828 n.a. n.a. n.a. n.a. -462 118.01

June................................ 11,580 13,067 4,934 3,557 n.a. n.a. n.a. n.a. -633 119.75

Sept................................ 11,532 12,147 4,850 3,108 662 776 1,249 725 52 111.50

Dec ................................ 9,373 10,616 4,715 2,758 309 485 1,001 512 100 107.40

2004 - Mar................................ 11,366 12,220 5,426 2,958 648 768 1,014 505 70 104.33

June................................ 10,077 10,404 5,499 3,601 428 497 741 367 92 108.88
104 FOREIGN CURRENCY POSITIONS

SECTION III.—Swiss Franc Positions

TABLE FCP-III-1.—Weekly Report of Major Market Participants

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations]

Spot, forward and future contracts

Report date

Purchased

(1)

Sold

(2)

Net options positions

(3)

Exchange 

rate (Swiss 

francs per 

U.S. dollar)

(4)

04/07/04.............................................................. 416,384 419,103 641 1.2769

04/14/04.............................................................. 423,231 427,435 1,682 1.2979

04/21/04.............................................................. 448,369 452,327 751 1.3149

04/28/04.............................................................. 454,289 459,332 2,215 1.3077

05/05/04.............................................................. 441,551 448,199 3,108 1.2752

05/12/04.............................................................. 460,700 467,776 3,853 1.2939

05/19/04.............................................................. 446,271 454,079 4,939 1.2776

05/26/04.............................................................. 477,191 486,561 4,913 1.2722

06/02/04.............................................................. 479,120 488,834 4,259 1.2506

06/09/04.............................................................. 516,319 523,767 3,374 1.2564

06/16/04.............................................................. 477,787 484,550 3,345 1.2681

06/23/04.............................................................. 456,369 466,210 2,392 1.2538

06/30/04.............................................................. 449,976 460,413 3,794 1.2499

07/07/04.............................................................. 443,888 456,232 4,856 1.2282

07/14/04.............................................................. 454,993 471,989 4,220 1.2291

07/21/04.............................................................. 468,995 480,349 3,793 1.2509

07/28/04.............................................................. 482,965 493,723 3,247 1.2770

08/04/04.............................................................. 486,039 497,202 3,054 1.2768

08/11/04.............................................................. 500,043 511,798 2,959 1.2624

08/18/04.............................................................. 494,921 506,181 2,943 1.2455

08/25/04.............................................................. 498,259 509,708 3,059 1.2730

09/01/04.............................................................. 506,499 519,057 3,091 1.2605

09/08/04.............................................................. 537,937 548,917 3,482 1.2607

09/15/04.............................................................. 444,622 454,921 2,652 1.2697

09/22/04.............................................................. 470,066 480,203 3,259 1.2612

09/29/04.............................................................. 466,781 476,415 3,002 1.2602
FOREIGN CURRENCY POSITIONS 105

SECTION III.—Swiss Franc Positions, con.

TABLE FCP-III-2.—Monthly Report of Major Market Participants

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations]

Spot, forward Options positions

and future contracts Non-capital items Calls Puts

Report date

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

Net delta

equivalent

(9)

Exchange rate

(Swiss francs per 

U.S. dollar)

(10)

2001 - Dec................................ 272,369 275,786 46,430 55,320 39,079 36,389 40,849 39,248 -818 1.6579

2002 - Dec................................ 279,171 282,007 50,539 55,470 53,399 45,776 45,632 44,198 1,190 1.3818

2003 - Oct................................ 399,969 404,956 51,878 55,821 64,867 51,100 92,026 89,305 1,123 1.3410

Nov ................................ 373,653 383,569 53,267 56,510 115,489 64,741 92,802 132,667 560 1.2914

Dec ................................ 335,009 347,189 52,350 54,773 60,600 54,918 78,846 77,646 278 1.2407

2004 - Jan................................ 361,493 374,751 50,044 54,182 64,169 58,313 81,923 86,356 547 1.2575

Feb................................ 434,240 441,662 49,379 56,010 63,592 53,649 81,894 82,229 1,072 1.2623

Mar................................ 421,589 429,572 51,290 56,763 64,471 54,824 80,056 78,841 2,014 1.2657

Apr................................ 474,259 481,850 59,630 65,304 56,669 50,340 64,894 60,160 2,244 1.2957

May ................................ 511,540 526,269 57,913 62,628 64,945 56,900 57,935 55,990 3,672 1.2530

June................................ 464,452 477,126 48,671 54,424 62,930 58,441 66,333 64,073 3,879 1.2499

July ................................ 494,470 515,298 47,532 51,015 64,592 63,269 64,048 59,611 3,141 1.2812

Aug ................................ 510,823 525,206 48,796 50,793 62,920 61,026 52,360 47,214 3,711 1.2670

Sept................................ 490,979 503,769 50,961 54,110 63,422 58,426 66,794 59,675 3,588 1.2453

TABLE FCP-III-3.—Quarterly Report of Large Market Participants

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations]

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts

Report date

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

Net delta

equivalent

(9)

Exchange rate

(Swiss francs per 

U.S. dollar)

(10)

2001 - Dec................................ 22,988 31,166 23,417 11,992 n.a. n.a. n.a. 1,278 n.a. 1.6579

2002 - Mar................................ 22,611 28,965 33,250 18,477 n.a. n.a. n.a. n.a. n.a. 1.6826

June................................ 27,717 34,175 32,500 19,410 n.a. n.a. n.a. n.a. 785 1.4826

Sept................................ 27,500 32,490 23,980 9,526 n.a. n.a. 3,850 n.a. 630 1.4767

Dec ................................ 21,342 27,689 22,215 10,114 n.a. n.a. 3,656 3,153 n.a. 1.3818

2003 - Mar................................ 27,061 36,052 25,146 9,876 n.a. n.a. 4,229 3,551 -193 1.3506

June................................ 26,550 37,574 25,367 10,203 n.a. n.a. 8,087 3,751 -1,174 1.3515

Sept................................ 23,450 34,639 26,605 8,462 n.a. n.a. 3,873 1,906 90 1.3179

Dec ................................ 18,175 28,498 27,181 7,820 n.a. n.a. 1,010 694 116 1.2407

2004 - Mar................................ 26,688 36,136 29,726 9,011 n.a. 423 1,387 983 n.a. 1.2657

June................................ 27,434 36,580 31,468 9,453 1,359 1,237 n.a. 347 n.a. 1.2499
106 FOREIGN CURRENCY POSITIONS

SECTION IV.—Sterling Positions

TABLE FCP-IV-1.—Weekly Report of Major Market Participants

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations]

Spot, forward and future contracts

Report date

Purchased

(1)

Sold

(2)

Net options positions

(3)

Exchange

rate (U.S. 

dollars per 

pound)

(4)

04/07/04.............................................................. 614,246 608,111 557 1.8396

04/14/04.............................................................. 608,785 603,577 71 1.7904

04/21/04.............................................................. 641,577 634,339 -166 1.7730

04/28/04.............................................................. 628,051 622,638 158 1.7716

05/05/04.............................................................. 617,980 611,524 273 1.7927

05/12/04.............................................................. 610,114 606,549 -81 1.7717

05/19/04.............................................................. 606,183 604,012 360 1.7825

05/26/04.............................................................. 645,073 641,399 920 1.8147

06/02/04.............................................................. 630,365 629,021 997 1.8340

06/09/04.............................................................. 655,056 651,817 575 1.8296

06/16/04.............................................................. 626,022 623,373 325 1.8270

06/23/04.............................................................. 608,335 609,501 51 1.8169

06/30/04.............................................................. 627,502 626,012 -162 1.8192

07/07/04.............................................................. 645,023 641,401 346 1.8544

07/14/04.............................................................. 626,741 632,183 277 1.8558

07/21/04.............................................................. 635,725 631,099 309 1.8398

07/28/04.............................................................. 643,386 639,868 173 1.8227

08/04/04.............................................................. 644,777 638,288 3,034 1.8254

08/11/04.............................................................. 645,714 637,296 1,751 1.8288

08/18/04.............................................................. 656,495 647,553 1,288 1.8235

08/25/04.............................................................. 627,292 620,128 299 1.7963

09/01/04.............................................................. 666,981 659,454 661 1.7924

09/08/04.............................................................. 695,804 684,317 -3,037 1.7864

09/15/04.............................................................. 643,924 631,210 -2,756 1.7763

09/22/04.............................................................. 648,467 633,331 -6,536 1.7921

09/29/04.............................................................. 651,355 642,695 -3,926 1.7992
FOREIGN CURRENCY POSITIONS 107

SECTION IV.—Sterling Positions, con.

TABLE FCP-IV-2.—Monthly Report of Major Market Participants

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations]

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts

Report date

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

Net delta

equivalent

(9)

Exchange rate 

(U.S. dollars

per pound)

(10)

2001 - Dec................................ 347,290 374,716 164,185 153,947 24,856 26,621 24,625 25,187 1,372 1.4556

2002 - Dec................................ 424,513 428,433 196,385 182,170 26,278 22,651 27,928 26,744 -396 1.6094

2003 - Oct................................ 565,192 567,601 235,120 270,386 31,292 31,800 32,267 31,459 -788 1.6941

Nov ................................ 527,446 531,441 215,233 222,609 46,894 31,583 29,913 27,518 -528 1.7212

Dec ................................ 562,877 563,000 213,813 215,501 30,379 31,415 27,185 27,154 -568 1.7856

2004 - Jan................................ 592,228 592,822 225,195 228,696 37,478 38,159 31,017 32,466 -446 1.8246

Feb................................ 624,663 630,137 224,186 222,040 40,735 43,465 35,872 33,428 175 1.8669

Mar................................ 622,452 620,333 216,252 216,641 41,106 43,367 35,808 35,910 279 1.8454

Apr................................ 647,217 646,160 210,446 211,840 40,831 42,595 35,900 34,669 - 1.7773

May ................................ 624,739 628,124 224,909 226,356 55,308 56,061 34,993 35,326 852 1.8334

June................................ 643,917 645,780 199,885 200,054 38,638 36,982 33,256 34,773 136 1.8192

July ................................ 652,604 647,783 216,958 212,900 40,350 38,161 36,156 37,850 26 1.8208

Aug ................................ 654,524 647,509 197,071 191,868 42,160 42,212 44,331 44,270 -4,001 1.8021

Sept................................ 653,994 645,438 208,746 199,404 55,094 53,073 36,555 37,766 -4,746 1.8117

TABLE FCP-IV-3.—Quarterly Report of Large Market Participants

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations]

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts

Report date

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

Net delta

equivalent

(9)

Exchange rate

(U.S. dollars

per pound)

(10)

2001 - Dec................................ 32,966 32,833 38,240 31,388 2,224 2,152 2,177 2,373 396 1.4556

2002 - Mar................................ 30,190 31,380 30,000 21,404 n.a. n.a. n.a. 3,633 512 1.4243

June................................ 30,530 30,126 28,877 22,290 n.a. n.a. 4,050 3,974 303 1.5313

Sept................................ 31,096 31,837 38,781 26,991 2,197 n.a. 2,705 2,948 260 1.5683

Dec ................................ 28,082 29,017 33,525 26,154 n.a. 1,708 3,625 2,600 -771 1.6094

2003 - Mar................................ 31,799 34,426 41,449 29,508 1,006 956 3,265 3,327 -105 1.5830

June................................ 31,339 35,450 43,806 28,353 1,245 2,076 4,107 3,675 n.a. 1.6552

Sept................................ 35,979 37,437 43,092 27,499 950 1,374 3,431 2,835 375 1.6639

Dec ................................ 30,537 32,060 43,775 23,556 841 1,092 3,123 2,837 335 1.7856

2004 - Mar................................ 36,182 42,176 52,114 33,130 1,543 1,280 3,001 3,167 279 1.8454

June................................ 38,470 45,220 51,726 35,342 2,565 2,401 4,770 4,248 437 1.8192
108 FOREIGN CURRENCY POSITIONS

SECTION V.—U.S. Dollar Positions

TABLE FCP-V-1.—Weekly Report of Major Market Participants

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations]

Spot, forward and future contracts

Report date

Purchased

(1)

Sold

(2)

Net options positions

(3)

Exchange 

rate

(4)

04/07/04.............................................................. 6,540,246 6,504,891 -5,037 n.a.

04/14/04.............................................................. 6,501,777 6,469,215 -1,679 n.a.

04/21/04.............................................................. 6,472,451 6,443,833 -732 n.a.

04/28/04.............................................................. 6,493,900 6,447,590 -2,285 n.a.

05/05/04.............................................................. 6,544,843 6,497,415 -3,571 n.a.

05/12/04.............................................................. 6,491,907 6,446,936 537 n.a.

05/19/04.............................................................. 6,393,906 6,364,041 -4,399 n.a.

05/26/04.............................................................. 6,667,768 6,597,963 -4,612 n.a.

06/02/04.............................................................. 6,617,274 6,522,694 -6,398 n.a.

06/09/04.............................................................. 6,784,739 6,732,703 -4,351 n.a.

06/16/04.............................................................. 6,427,608 6,393,797 -1,733 n.a.

06/23/04.............................................................. 6,261,710 6,218,049 -1,382 n.a.

06/30/04.............................................................. 6,418,436 6,390,731 -3 n.a.

07/07/04.............................................................. 6,382,392 6,337,900 -4,049 n.a.

07/14/04.............................................................. 6,452,763 6,426,094 -2,934 n.a.

07/21/04.............................................................. 6,465,500 6,455,566 -1,354 n.a.

07/28/04.............................................................. 6,598,438 6,583,382 -964 n.a.

08/04/04.............................................................. 6,511,086 6,513,962 3,330 n.a.

08/11/04.............................................................. 6,526,726 6,524,058 4,928 n.a.

08/18/04.............................................................. 6,605,039 6,610,267 3,311 n.a.

08/25/04.............................................................. 6,531,634 6,529,458 4,165 n.a.

09/01/04.............................................................. 6,687,519 6,676,332 3,748 n.a.

09/08/04.............................................................. 6,862,572 6,859,179 2,198 n.a.

09/15/04.............................................................. 6,463,976 6,457,477 197 n.a.

09/22/04.............................................................. 6,512,575 6,507,102 -1,689 n.a.

09/29/04.............................................................. 6,546,747 6,540,917 -2,981 n.a.
FOREIGN CURRENCY POSITIONS 109

SECTION V.—U.S. Dollar Positions, con.

TABLE FCP-V-2.—Monthly Report of Major Market Participants

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations]

Spot, forward Options positions

and future contracts Non-capital items Calls Puts

Report date

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

Net delta

equivalent

(9)

Exchange

rate

(10)

2001 - Dec................................ 4,142,797 4,061,456 - - 746,818 721,144 464,099 461,091 336 n.a.

2002 - Dec................................ 4,828,993 4,789,483 - - 627,016 570,259 593,640 573,324 -988 n.a.

2003 - Oct................................ 6,038,060 6,009,364 - - 825,558 807,016 928,535 945,850 14,599 n.a.

Nov ................................ 5,775,259 5,729,718 - - 850,150 835,086 929,682 951,992 9,609 n.a.

Dec ................................ 5,871,609 5,818,648 - - 792,541 794,895 934,738 898,503 7,175 n.a.

2004 - Jan................................ 6,303,412 6,266,999 - - 884,230 865,349 952,681 978,290 2,936 n.a.

Feb................................ 6,787,178 6,736,363 - - 934,673 903,152 1,008,346 1,056,438 2,186 n.a.

Mar................................ 6,798,787 6,800,282 - - 987,410 958,155 1,045,595 1,085,024 -5,629 n.a.

Apr................................ 6,844,040 6,813,566 - - 974,445 939,434 1,021,087 1,065,788 -2,993 n.a.

May ................................ 6,633,185 6,569,994 - - 994,236 968,335 1,053,978 1,099,534 -4,773 n.a.

June................................ 6,737,670 6,735,410 - - 973,387 943,426 1,013,872 1,060,787 2,498 n.a.

July ................................ 6,865,472 6,884,571 - - 1,008,672 983,652 1,067,099 1,098,537 2,232 n.a.

Aug ................................ 6,895,983 6,902,621 - - 1,246,381 1,220,755 1,077,375 1,113,804 5,054 n.a.

Sept................................ 6,854,513 6,902,856 - - 1,004,585 973,049 1,079,740 1,082,026 3,924 n.a.

TABLE FCP-V-3.—Quarterly Report of Large Market Participants

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations]

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts

Report date

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

Net delta

equivalent

(9)

Exchange

rate

(10)

2001 - Dec................................ 337,179 384,159 - - 24,444 18,033 26,605 30,170 3,308 n.a.

2002 - Mar................................ 358,652 401,829 - - 28,326 n.a. n.a. 17,413 n.a. n.a.

June................................ 328,520 384,482 - - 21,491 n.a. n.a. 15,477 n.a. n.a.

Sept................................ 388,218 410,714 - - n.a. n.a. 55,531 56,058 5,146 n.a.

Dec ................................ 356,423 381,746 - - n.a. n.a. 71,715 n.a. 1,272 n.a.

2003 - Mar................................ 418,611 465,808 - - n.a. n.a. n.a. n.a. 1,117 n.a.

June................................ 468,160 456,607 - - n.a. n.a. n.a. n.a. 4,747 n.a.

Sept................................ 448,471 463,129 - - 50,453 44,020 n.a. n.a. 2,711 n.a.

Dec ................................ 419,759 427,434 - - 18,627 12,023 14,580 11,154 2,186 n.a.

2004 - Mar................................ 498,269 508,945 - - 24,712 16,845 15,849 16,288 -239 n.a.

June................................ 481,005 484,188 - - 18,674 15,738 23,166 19,326 -129 n.a.
110 FOREIGN CURRENCY POSITIONS

SECTION VI.—Euro Positions

TABLE FCP-VI-1.—Weekly Report of Major Market Participants

[In millions of euros. Source: Office of Foreign Exchange Operations]

Spot, forward and future contracts

Report date

Purchased

(1)

Sold

(2)

Net options positions

(3)

Exchange 

rate

(Euros per 

U.S. dollar)

(4)

04/07/04.............................................................. 1,982,495 2,019,836 -506 0.8218

04/14/04.............................................................. 1,928,725 1,967,678 -2,049 0.8358

04/21/04.............................................................. 1,925,577 1,967,909 -1,486 0.8453

04/28/04.............................................................. 1,912,217 1,954,302 -1,886 0.8452

05/05/04.............................................................. 1,917,810 1,956,827 -1,236 0.8220

05/12/04.............................................................. 1,927,038 1,959,744 -1,445 0.8404

05/19/04.............................................................. 1,887,550 1,925,779 975 0.8326

05/26/04.............................................................. 1,977,277 2,014,195 35 0.8262

06/02/04.............................................................. 1,894,756 1,942,503 675 0.8187

06/09/04.............................................................. 1,963,605 2,002,480 -68 0.8303

06/16/04.............................................................. 1,859,935 1,898,519 -691 0.8330

06/23/04.............................................................. 1,799,479 1,836,459 -238 0.8273

06/30/04.............................................................. 1,869,563 1,909,685 -257 0.8200

07/07/04.............................................................. 1,851,185 1,884,448 -196 0.8089

07/14/04.............................................................. 1,917,057 1,967,257 -1,065 0.8075

07/21/04.............................................................. 1,940,527 1,965,877 -2,686 0.8161

07/28/04.............................................................. 1,984,578 2,012,863 -2,357 0.8302

08/04/04.............................................................. 1,949,750 1,983,942 -4,322 0.8304

08/11/04.............................................................. 1,979,249 2,016,700 -3,372 0.8187

08/18/04.............................................................. 2,018,993 2,064,558 -96 0.8108

08/25/04.............................................................. 1,982,210 2,011,465 -1,906 0.8275

09/01/04.............................................................. 1,992,146 2,026,350 -1,656 0.8206

09/08/04.............................................................. 2,071,343 2,104,936 -2,410 0.8209

09/15/04.............................................................. 1,921,559 1,956,578 -1,159 0.8228

09/22/04.............................................................. 1,997,532 2,035,005 616 0.8159

09/29/04.............................................................. 2,002,418 2,044,768 1,921 0.8112
FOREIGN CURRENCY POSITIONS 111

SECTION VI.—Euro Positions, con.

TABLE FCP-VI-2.—Monthly Report of Major Market Participants

[In millions of euros. Source: Office of Foreign Exchange Operations]

Spot, forward Options positions

and future contracts Non-capital items Calls Puts

Report date

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

Net delta

equivalent

(9)

Exchange

rate

(10)

2001 - Dec................................ 1,464,662 1,516,730 821,624 761,351 213,086 197,235 211,261 231,581 -3,133 1.1217

2002 - Dec................................ 1,625,180 1,696,157 1,040,749 995,578 267,591 247,397 203,958 236,553 -2,361 0.9527

2003 - Oct................................ 1,863,151 1,916,295 1,114,492 1,078,762 342,348 342,944 293,320 319,239 -5,379 0.8635

Nov ................................ 1,755,327 1,798,108 1,004,678 974,951 337,259 321,529 295,004 311,954 -7,649 0.8342

Dec ................................ 1,770,094 1,801,409 1,061,881 1,036,384 293,589 286,226 260,869 277,574 -8,427 0.7952

2004 - Jan................................ 1,894,931 1,928,622 1,047,977 1,032,553 309,711 305,015 288,041 305,185 -7,077 0.8017

Feb................................ 1,946,797 1,988,434 1,082,050 1,059,511 330,367 314,000 292,105 312,552 -5,963 0.8004

Mar................................ 1,972,916 2,020,924 1,065,583 1,044,721 327,568 305,075 309,389 335,285 557 0.8120

Apr................................ 1,988,272 2,027,604 1,004,308 980,794 325,086 305,723 311,301 321,253 -1,064 0.8349

May ................................ 1,865,899 1,917,909 1,035,284 1,002,003 339,772 294,473 321,109 335,411 421 0.8190

June................................ 1,929,751 1,976,376 1,068,059 1,027,484 307,773 281,967 302,411 323,931 120 0.8200

July ................................ 2,021,533 2,064,089 1,001,027 939,269 307,122 279,905 291,542 314,139 -3,647 0.8319

Aug ................................ 2,000,892 2,046,861 991,006 938,113 300,585 273,404 285,435 303,536 -2,733 0.8216

Sept................................ 2,053,300 2,077,367 1,049,526 995,969 314,909 289,258 291,274 304,322 -6,266 0.8042

TABLE FCP-VI-3.—Quarterly Report of Large Market Participants

[In billions of euros. Source: Office of Foreign Exchange Operations]

Spot, forward Options positions

and future contracts Non-capital items Calls Puts

Report date

Purchased

(1)

Sold

(2)

Assets

(3)

Liabilities

(4)

Bought

(5)

Written

(6)

Bought

(7)

Written

(8)

Net delta

equivalent

(9)

Exchange

rate

(10)

2001 - Dec................................ 171,056 162,581 217,151 150,815 17,066 16,953 16,865 14,370 -58 1.1217

2002 - Mar................................ 139,640 143,570 201,735 123,114 n.a. n.a. 15,392 13,788 547 1.1468

June................................ 165,752 165,199 201,526 141,469 n.a. n.a. 16,231 15,209 1,044 1.0099

Sept................................ 169,381 167,479 197,713 140,707 n.a. n.a. 29,747 29,540 487 1.0130

Dec ................................ 162,235 151,909 154,166 134,844 n.a. n.a. 16,812 13,985 -86 0.9527

2003 - Mar................................ 174,551 165,959 179,611 146,054 n.a. n.a. 21,449 15,577 -2,428 0.9153

June................................ 178,372 170,896 197,305 169,747 n.a. n.a. 26,352 17,778 3,663 0.8687

Sept................................ 178,580 160,509 161,112 111,712 n.a. n.a. 16,932 9,813 -1,316 0.8574

Dec ................................ 153,335 144,106 157,491 77,634 8,294 7,684 9,465 6,754 -781 0.7952

2004 - Mar................................ 176,895 181,365 210,250 127,055 10,418 11,420 14,269 13,505 -3,231 0.8120

June................................ 178,428 190,358 199,764 129,209 14,878 13,521 9,764 10,856 -2,450 0.8200
112

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 (codified at 31 United States Code 5302), which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President.

Subsequent amendment of the Gold Reserve Act

modified the original purpose somewhat to reflect

termination of the fixed exchange rate system.

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights (SDRs), and balances of foreign currencies. Principal 

sources of income (+) or loss (-) for the fund are profits (+) 

or losses (-) on SDRs and foreign exchange, as well as 

interest earned on assets.

• Table ESF-1 presents the assets, liabilities, and

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income (+) or loss (-) account.

• Table ESF-2 shows the results of operations by

quarter. Figures are in U.S. dollars or their equivalents

computed according to the accrual method. “Profit (+) or 

loss (-) on foreign exchange” includes realized profits or 

losses. “Adjustment for change in valuation of SDR holdings 

and allocations” reflects net gain or loss on revaluation of 

SDR holdings and allocations for the quarter.

TABLE ESF-1.—Balances as of March 31, 2004, and June 30, 2004

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

 Assets, liabilities, and capital March 31, 2004

April 1, 2004,

through

June 30, 2004 June 30, 2004

Assets

U.S. dollars:

Held with Treasury:

U.S. Government securities ................................... 10,398,918 -43,908 10,355,010 

Special drawing rights 1............................................... 12,690,930 -31,692 12,659,238 

Foreign exchange and securities: 

European euro....................................................... 10,736,789 -57,990 10,678,799 

Japanese yen........................................................ 9,065,893 -434,694 8,631,199 

Accounts receivable................................................... 130,527 24,816 155,343 

Total assets .......................................................... 43,023,057 -543,468 42,479,589 

Liabilities and capital

Current liabilities:

Accounts payable................................................... 19,273 1,673 20,946 

Total current liabilities........................................... 19,273 1,673 20,946 

Other liabilities:

SDR certificates..................................................... 2,200,000 - 2,200,000 

SDR allocations ..................................................... 7,253,803 -70,014 7,183,789 

Total other liabilities ............................................. 9,453,803 -70,014 9,383,789 

Capital:

Capital account...................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF -2).................. 33,349,981 -475,127 32,874,854 

Total capital....................................................... 33,549,981 -475,127 33,074,854 

Total liabilities and capital .................................. 43,023,057 -543,468 42,479,589 

See footnote on the following page.
EXCHANGE STABILIZATION FUND 113

TABLE ESF-2.—Income and Expense

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

Current quarter

April 1, 2004,

through

June 30, 2004

Fiscal year to date

October 1, 2003,

through

June 30, 2004

Income and expense

Profit (+) or loss (-) on:

Foreign exchange............................................................... -534,260 615,415 

Adjustment for change in valuation

 of SDR holdings and allocations 1........................................... -52,375 130,602 

Interest (+) or net charges (-) on:

SDRs.............................................................................. 22,867 64,800 

U.S. Government securities .................................................. 25,440 78,306 

Foreign exchange............................................................... 63,203 190,271 

Commissions........................................................................ - -

Income from operations ....................................................... -475,125 1,079,394 

Net income (+) or loss (-)................................................... -475,125 1,079,394 

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974.

Note.— Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.”
117

INTRODUCTION: Trust Funds

The tables and charts in this section present the most 

recent data available on various trust funds administered by 

the Treasury. Trust funds are moneys held by the

Government in accounts established by law or by trust

agreement for specific purposes and designated by law as 

being trust funds. 

This report compiles data from many sources and

provides information in a consolidated manner. 

The Civil Service Retirement and Disability Fund is 

operated by the Office of Personnel Management. The

Federal Hospital Insurance and Federal Supplementary

Medical Insurance Trust Funds are under the auspices of the 

Department of Health and Human Services’ Health Care 

Financing Administration. The Federal Old -age and

Survivors Insurance and Federal Disability Insurance Trust 

Funds are administered by Social Security. 

In addition, the Department of Veterans Affairs’

Veterans Benefits Administration disburses the National

Service Life Insurance Fund. The Department of Labor’s 

Employment and Training Administration is responsible for 

the Unemployment Trust Fund. 

Data for the Railroad Retirement Trust Fund also are 

included in this section. That trust fund is administered by 

the Railroad Retirement Board, an independent agency. 

The following tables are published in the December issue 

of the “Treasury Bulletin” each year. Most of the data for the 

tables came from the “Monthly Treasury Statement of

Receipts and Outlays of the United States Government,” in 

which monthly data are published. Estimated figures are 

based on the “Budget of the United States Government, 

Fiscal Year 2005,” released February 3, 2004.

CHART TF-A.—Major Trust Funds

Total Net Increase or Decrease in Assets

(In billions of dollars)

-30

-20

-10

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

150

Federal

Old-age

and

Survivors

Insurance

Trust Fund

Civil

Service

Retirement

and

Disability

Fund

Federal

Hospital

Insurance

Trust Fund

Federal

Disability

Insurance

Trust Fund

Railroad

Retirement

Account

National

Service 

Life

Insurance

Fund

Unemployment Trust

Fund

Federal

Supplementary

Medical

Insurance

Trust Fund

Source: Financial Management Service

2004

2003
118 TRUST FUNDS

CHART TF-B.—Total Receipts of Major Trust Funds

(In billions of dollars)

0

50

100

150

200

250

300

350

400

450

500

550

600

Federal

Old-age

and

Survivors

Insurance

Trust Fund

Federal

Hospital

Insurance

Trust Fund

Federal

Supplementary

Medical

Insurance

Trust Fund

Federal

Disability

Insurance

Trust Fund

Civil

Service

Retirement

and

Disability

Fund

Unemployment Trust

Fund

Railroad

Retirement

Account

National

Service 

Life

Insurance

Fund

Source: Financial Management Service

2004

2003
TRUST FUNDS 119

CHART TF-C.—Total Expenditures of Major Trust Funds

(In billions of dollars)

0

50

100

150

200

250

300

350

400

450

Federal

Old-age

and

Survivors

Insurance

Trust Fund

Federal

Hospital

Insurance

Trust Fund

Federal

Supplementary

Medical

Insurance

Trust Fund

Federal

Disability

Insurance

Trust Fund

Civil

Service

Retirement

and

Disability

Fund

Unemployment Trust

Fund

Railroad

Retirement

Account

National

Service 

Life

Insurance

Fund

Source: Financial Management Service

2004

2003
120 TRUST FUNDS

TABLE TF-1.—Civil Service Retirement and Disability Fund

[In millions of dollars. Source: Financial Management Service]

Receipts

Fiscal year

or month

Total

(1)

Agencies’

contributions

(2)

Employees’

contributions

(3)

Federal

contributions

(4)

Donations, 

service credit 

payments, 

and other 

miscellaneous

receipts

(5)

Interest and

profits on

investments

(6)

2000................................................................ 75,968 16,091 4,541 21,557 170 33,608

2001................................................................ 77,948 16,705 4,190 21,639 462 34,953

2002................................................................ 80,070 17,524 4,029 22,108 506 35,903

2003................................................................ 78,411 14,645 4,031 21,878 552 37,306

2004................................................................ 82,414 16,307 3,989 25,921 556 35,641

2005 - Est............................................................ 86,154 17,261 4,559 26,372 36 37,926

2003 - Oct............................................................ 1,800 1,391 355 - 48 3

Nov .......................................................... 1,560 1,189 305 - 46 21

Dec .......................................................... 19,250 1,193 305 - 47 17,704

2004 - Jan............................................................ 1,918 1,499 371 - 46 1

Feb........................................................... 1,571 1,203 304 - 44 20

Mar........................................................... 1,722 1,324 328 - 47 23

Apr........................................................... 1,909 1,469 363 - 47 30

May .......................................................... 1,634 1,233 304 - 45 52

June......................................................... 19,333 1,242 304 - 43 17,744

July .......................................................... 1,954 1,533 373 - 47 1

Aug .......................................................... 1,884 1,457 358 - 49 20

Sept.......................................................... 27,880 1,575 319 25,921 46 20

Fiscal year 2004................................ 82,414 16,307 3,989 25,921 556 35,641

Assets, end of period

Fiscal year

or month

Total expenditures

other than investments

(7)

Net increase, or 

decrease (-), in assets

(8)

Total

(9)

Investments

(10)

Unexpended balance

(11)

2000................................................................... 45,194 30,774 511,499 511,986 -487

2001................................................................... 47,356 30,592 542,091 542,608 -517

2002................................................................... 48,970 31,100 573,191 573,713 -522

2003................................................................... 50,368 28,043 601,234 601,709 -475

2004................................................................... 52,277 30,137 631,371 631,860 -489

2005 - Est............................................................ 55,033 31,121 662,672 662,664 8

2003 - Oct............................................................ 4,308 -2,508 598,725 598,878 -153

Nov .......................................................... 4,209 -2,648 596,077 596,526 -449

Dec .......................................................... 4,214 15,036 611,113 611,563 -450

2004 - Jan............................................................ 4,399 -2,481 608,632 609,077 -445

Feb........................................................... 4,348 -2,777 605,855 606,313 -458

Mar........................................................... 4,359 -2,637 603,218 603,693 -475

Apr........................................................... 4,458 -2,550 600,669 601,145 -476

May .......................................................... 4,357 -2,724 597,945 598,411 -466

June......................................................... 4,364 14,968 612,914 613,377 -463

July .......................................................... 4,472 -2,519 610,395 610,876 -481

Aug .......................................................... 4,389 -2,505 607,890 608,387 -497

Sept.......................................................... 4,399 23,481 631,371 631,860 -489

Fiscal year 2004.................................................... 52,277 30,137 631,371 631,860 -489

Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 

2005," released by the Office of Management and Budget Feb. 3, 2004. Details may not add to totals 

due to rounding.
TRUST FUNDS 121

TABLE TF-2.—Federal Hospital Insurance Trust Fund

[In millions of dollars. Source: Financial Management Service]

Receipts

Fiscal year

or month

Total

(1)

Net appropriations

(2)

Federal payments

(3)

Deposits by States

(4)

Interest and profits

on investments

(5)

Other

(6)

2000................................................................ 159,534 137,097 9,516 2 10,469 2,450

2001................................................................ 171,736 151,257 5,605 - 12,338 2,536

2002................................................................ 179,738 150,852 12,146 * 13,774 2,966

2003................................................................ 180,255 153,587 8,962 * 14,788 2,918

2004................................................................ 184,890 156,814 9,748 - 15,074 3,254

2005 - Est............................................................ 195,179 170,886 9,553 * 14,617 123

2003 - Oct............................................................ 12,053 11,852 1 - 19 181

Nov .......................................................... 13,474 12,922 97 - 6 448

Dec .......................................................... 21,600 13,955 8 - 7,434 203

2004 - Jan............................................................ 16,004 14,636 1,144 - 8 216

Feb........................................................... 11,471 11,058 202 - 3 208

Mar........................................................... 13,088 12,170 683 - 28 207

Apr........................................................... 20,889 16,447 4,205 - 30 207

May .......................................................... 12,035 11,741 1 - 102 191

June......................................................... 23,512 14,183 1,286 - 7,406 637

July .......................................................... 11,860 11,605 2 - 11 243

Aug .......................................................... 12,236 11,942 * - 14 280

Sept.......................................................... 16,668 14,303 2,120 - 14 231

Fiscal year 2004.................................................... 184,890 156,814 9,748 - 15,074 3,254

Expenditures other than investments Assets, end of period

Fiscal year

or month

Total

(7)

Benefit

payments

(8)

Administrative

expenses

(9)

Other

(10)

Net increase,

or decrease

(-), in assets

(11)

Total

(12)

Investments

(13)

Unexpended

balance

(14)

2000................................................................ 129,195 127,934 1,253 9 30,338 168,791 168,859 -68

2001................................................................ 141,975 139,356 1,425 1,194 29,761 198,552 197,137 1,415

2002................................................................ 147,051 145,566 1,478 7 32,687 231,239 228,906 2,333

2003................................................................ 152,793 151,250 1,541 2 27,462 258,701 251,307 7,394

2004................................................................ 165,964 164,079 1,874 11 18,926 277,627 264,375 13,252

2005 - Est............................................................ 184,546 181,350 1,792 1,404 10,633 271,321 271,321 -

2003 - Oct............................................................ 14,841 14,691 151 - -2,788 255,913 247,786 8,127

Nov .......................................................... 9,773 9,637 136 - 3,700 259,613 251,939 7,674

Dec .......................................................... 16,319 16,189 127 2 5,281 264,894 256,739 8,155

2004 - Jan............................................................ 12,525 12,357 167 1 3,479 268,373 259,194 9,179

Feb........................................................... 11,658 11,533 126 - -187 268,185 259,672 8,513

Mar........................................................... 15,668 15,511 153 3 -2,579 265,606 255,208 10,398

Apr........................................................... 16,250 16,057 193 * 4,639 270,245 260,006 10,239

May .......................................................... 11,698 11,554 143 1 337 270,582 260,177 10,405

June......................................................... 14,934 14,783 150 1 8,577 279,160 267,270 11,890

July .......................................................... 15,965 15,788 174 2 -4,104 275,055 263,282 11,773

Aug .......................................................... 12,429 12,219 210 1 -194 274,862 263,003 11,859

Sept.......................................................... 13,903 13,759 144 - 2,765 277,627 264,375 13,252

Fiscal year 2004.................................................... 165,964 164,079 1,874 11 18,926 277,627 264,375 13,252

* Less than $500,000.

Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 

2005," released by the Office of Management and Budget Feb. 3, 2004. Included in the 

estimates is the Health Care Fraud and Abuse Control account. Details may not add to 

totals due to rounding.
122 TRUST FUNDS

TABLE TF-3.—Federal Disability Insurance Trust Fund

[In millions of dollars. Source: Financial Management Service]

Receipts Expenditures other than investments

Fiscal year

or month

Total

(1)

Appropriations

(2)

Deposits

by States

(3)

Interest and profits 

on investments

(4)

Other

(5)

Total

(6)

Benefit

payments

(7)

2000................................................................ 77,061 69,995 4 6,265 796 56,046 54,276

2001................................................................ 82,980 74,609 - 7,572 799 60,831 58,219

2002................................................................ 86,022 76,300 * 8,714 1,007 66,434 64,271

2003................................................................ 88,845 78,299 * 9,564 983 71,982 69,846

2004................................................................ 91,383 80,364 - 9,786 1,233 78,550 76,262

2005 - Est............................................................ 96,591 86,278 - 10,171 142 84,458 81,821

2003 - Oct............................................................ 5,852 5,558 - 6 288 5,951 5,795

Nov .......................................................... 6,008 5,991 - 11 5 6,163 5,997

Dec .......................................................... 11,183 6,406 - 4,774 3 6,264 6,106

2004 - Jan............................................................ 7,900 7,657 - 5 238 6,353 6,142

Feb........................................................... 6,175 6,156 - 7 11 6,419 6,264

Mar........................................................... 6,838 6,812 - 8 18 6,847 6,666

Apr........................................................... 8,715 8,441 - 8 266 6,775 6,642

May .......................................................... 6,594 6,442 - 34 117 6,713 6,562

June......................................................... 12,508 7,591 - 4,906 11 6,850 6,441

July .......................................................... 6,332 6,066 - 4 262 6,539 6,321

Aug .......................................................... 6,219 6,203 - 11 6 6,965 6,790

Sept.......................................................... 7,060 7,041 - 11 7 6,710 6,537

Fiscal year 2004................................ 91,383 80,364 - 9,786 1,233 78,550 76,262

Expenditures other than investments, con.

Assets, end of period

Fiscal year

or month

Payments

to railroad

retirement

account

(8)

Administrative

expenses

(9)

Other

(10)

Net increase,

or decrease

(-), in assets

(11)

Total

(12)

Investments

(13)

Unexpended

balance

(14)

2000................................................................ 159 1,575 35 21,014 114,732 113,707 1,025

2001................................................................10 1,712 890 22,149 136,882 135,842 1,040

2002................................................................ 154 1,967 43 19,588 156,470 155,287 1,183

2003................................................................ 167 1,938 31 16,863 173,332 170,793 2,539

2004................................................................ 215 2,036 36 12,834 186,166 182,799 3,367

2005 - Est............................................................ 243 2,224 170 12,133 194,279 194,279 -

2003 - Oct............................................................ - 156 - -99 173,233 170,650 2,583

Nov .......................................................... - 166 - -155 173,078 170,912 2,166

Dec .......................................................... - 151 7 4,919 177,997 175,252 2,745

2004 - Jan............................................................ - 207 4 1,547 179,544 176,881 2,663

Feb........................................................... - 155 - -244 179,299 176,826 2,473

Mar........................................................... - 172 9 -9 179,290 176,720 2,570

Apr........................................................... - 132 1 1,940 181,230 178,977 2,253

May .......................................................... - 149 2 -119 181,111 178,461 2,650

June......................................................... 215 191 3 5,659 186,769 183,539 3,230

July .......................................................... - 210 8 -207 186,562 183,378 3,184

Aug .......................................................... - 173 2 -745 185,817 182,665 3,152

Sept.......................................................... - 174 - 349 186,166 182,799 3,367

Fiscal year 2004................................ 215 2,036 36 12,834 186,166 182,799 3,367

* Less than $500,000. 

Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 

2005," released by the Office of Management and Budget Feb. 3, 2004. Details may not 

add to totals due to rounding.
TRUST FUNDS 123

TABLE TF-4.—Federal Old-Age and Survivors Insurance Trust Fund

[In millions of dollars. Source: Financial Management Service]

Expenditures other than investments

Receipts

Fiscal year

or month

Total

(1)

Appropriations

(2)

Deposits

by States

(3)

Net earnings

on investments

(4)

Other

(5)

Total

(6)

Benefit

payments

(7)

Payments to railroad retirement

account

(8)

2000................................................................ 484,259 418,206 5 53,531 12,517 353,427 347,890 3,538

2001................................................................ 513,871 440,811 * 61,239 11,821 373,037 367,680 3,273

2002................................................................ 532,888 451,742 * 68,105 13,041 389,625 383,956 3,493

2003................................................................ 547,454 461,096 * 73,980 12,378 402,776 396,725 3,580

2004................................................................ 563,649 473,283 - 76,441 13,925 417,306 411,162 3,628

2005 - Est................................ 597,604 491,627 - 81,747 24,230 430,627 424,297 3,640

2003 - Oct................................ 36,329 32,730 - 41 3,559 33,789 33,600 -

Nov ................................ 35,353 35,278 - 60 14 33,637 33,437 -

Dec ................................ 74,961 37,720 - 37,229 12 34,091 33,899 -

2004 - Jan................................ 48,242 45,090 - 27 3,125 34,275 34,018 -

Feb................................ 36,329 36,258 - 55 17 34,766 34,576 -

Mar................................ 40,172 40,118 - 33 22 34,458 34,234 -

Apr................................ 52,964 49,704 - 36 3,223 34,691 34,522 -

May ................................ 38,645 37,934 - 71 641 34,758 34,581 -

June................................ 83,495 44,702 - 38,778 15 38,370 34,505 3,628

July ................................ 39,017 35,718 - 30 3,270 34,545 34,285 -

Aug ................................ 36,602 36,538 - 50 14 35,120 34,907 -

Sept................................ 41,539 41,493 - 32 14 34,806 34,598 -

Fiscal year 2004................................ 563,649 473,283 - 76,441 13,925 417,306 411,162 3,628

 Expenditures other than investments, con. Assets, end of period

Fiscal year

or month

Administrative

expenses

(9)

Other

(10)

Net increase,

or decrease

(-), in assets

(11)

Total

(12)

Investments

(13)

Unexpended

balance

(14)

2000................................................................ 1,998 - 130,832 900,998 893,519 7,479

2001................................................................ 2,084 - 140,834 1,041,832 1,034,114 7,718

2002................................................................ 2,175 - 143,263 1,185,095 1,173,759 11,336

2003................................................................ 2,471 - 144,678 1,329,773 1,313,427 16,346

2004................................................................ 2,516 - 146,343 1,476,116 1,452,599 23,517

2005 - Est............................................................ 2,685 5 166,977 1,618,448 1,618,448 -

2003 - Oct............................................................190 - 2,540 1,332,313 1,316,142 16,171

Nov ..........................................................200 - 1,716 1,334,029 1,317,946 16,083

Dec ..........................................................192 - 40,870 1,374,899 1,355,111 19,788

2004 - Jan............................................................256 - 13,968 1,388,867 1,369,639 19,228

Feb...........................................................190 - 1,563 1,390,430 1,371,342 19,088

Mar...........................................................224 - 5,714 1,396,145 1,376,095 20,050

Apr...........................................................169 - 18,273 1,414,417 1,395,230 19,187

May ..........................................................177 - 3,888 1,418,305 1,398,748 19,557

June.........................................................237 - 45,125 1,463,430 1,441,031 22,399

July ..........................................................261 - 4,472 1,467,902 1,445,359 22,543

Aug ..........................................................213 - 1,481 1,469,383 1,447,104 22,279

Sept..........................................................207 - 6,733 1,476,116 1,452,599 23,517

Fiscal year 2004................................ 2,516 - 146,343 1,476,116 1,452,599 23,517

* Less than $500,000.

Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 

2005," released by the Office of Management and Budget Feb. 3, 2004. Details may not 

add to totals due to rounding.
124 TRUST FUNDS

TABLE TF-5.—Federal Supplementary Medical Insurance Trust Fund

[In millions of dollars. Source: Financial Management Service]

Receipts

Expenditures other than investments

Fiscal year

or month

Total

(1)

Premiums

(2)

Federal

contributions

(3)

Interest and 

profits on

investments

(4)

Other

(5)

Total

(6)

Benefit

payments

(7)

2000................................................................ 89,236 20,515 65,561 3,160 4 88,992 87,212

2001................................................................ 95,361 22,307 69,863 3,187 4 99,452 97,466

2002................................................................ 105,680 24,427 78,334 2,916 3 108,826 106,995

2003................................................................ 110,198 26,834 80,910 2,452 1 124,055 121,699

2004................................................................ 126,805 30,341 94,736 1,727 1 134,121 131,457

2005 - Est................................ 153,710 34,911 116,783 2,016 1 146,505 140,705

2003 - Oct................................ 9,415 2,266 7,085 65 * 12,569 12,415

Nov ................................ 9,480 2,262 7,205 12 - 8,288 8,117

Dec ................................ 13,829 2,342 10,781 706 * 12,688 12,507

2004 - Jan................................ 10,864 2,604 8,242 18 * 10,327 10,097

Feb................................ 10,897 2,585 8,300 13 * 8,250 8,082

Mar................................ 10,863 2,601 8,240 21 * 11,933 11,729

Apr................................ 11,010 2,612 8,378 20 * 12,852 12,568

May ................................ 10,998 2,213 8,312 70 - 8,997 8,807

June................................ 11,666 2,593 8,388 685 - 12,175 11,955

July ................................ 11,097 2,639 8,435 22 * 12,978 12,745

Aug ................................ 11,111 2,626 8,468 17 * 10,950 10,661

Sept................................ 5,574 2,596 2,901 76 * 12,112 11,774

Fiscal year 2004................................ 126,805 30,341 94,736 1,727 1 134,121 131,457

Expenditures other than investments, con. Assets, end of period

Fiscal year

or month

Administrative

expenses

(8)

Other

(9)

Net increase,

or decrease

(-), in assets

(10)

Total

(11)

Investments

(12)

Unexpended

balance

(13)

2000................................................................ 1,759 21 244 45,547 45,075 472

2001................................................................ 1,974 12 -20,225 25,322 41,978 -16,656

2002................................................................ 1,820 10 -3,145 22,176 38,804 -16,628

2003................................................................ 2,342 14 -13,856 8,320 24,849 -16,529

2004................................................................ 2,652 12 -7,316 1,004 17,439 -16,435

2005 - Est................................ 2,263 3,537 7,205 28,019 28,019 -

2003 - Oct................................ 154 - -3,154 5,166 21,952 -16,786

Nov ................................ 171 - 1,191 6,357 23,071 -16,714

Dec ................................ 179 2 1,141 7,499 23,711 -16,212

2004 - Jan................................ 229 1 537 8,036 24,925 -16,889

Feb................................ 169 - 2,647 10,683 26,800 -16,117

Mar................................ 201 3 -1,071 9,612 26,431 -16,819

Apr................................ 284 * -1,842 7,770 24,317 -16,547

May ................................ 188 1 2,001 9,771 26,331 -16,560

June................................ 220 1 -509 9,262 26,032 -16,770

July ................................ 230 2 -1,881 7,381 23,640 -16,259

Aug ................................ 288 1 161 7,543 24,077 -16,534

Sept................................ 338 - -6,539 1,004 17,439 -16,435

Fiscal year 2004................................ 2,652 12 -7,316 1,004 17,439 -16,435

* Less than $500,000.

Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 

2005," released by the Office of Management and Budget Feb. 3, 2004. Details may not 

add to totals due to rounding.
TRUST FUNDS 125

TABLE TF-6.—National Service Life Insurance Fund

[In millions of dollars. Source: Financial Management Service]

Receipts

Assets, end of period

Fiscal year

or month

Total

(1)

Premiums and

other receipts

(2)

Transfers from

general and

special funds

(3)

Interest

and profits

on 

investments

(4)

Expenditures 

other than 

investments

(benefits,

net lending,

refunds, and

dividends)

(5)

Net increase,

or decrease

(-), in assets

(6)

Total

(7)

Investments

(8)

Unexpended

balance

(9)

2000................................ 1,090 201 1 887 1,242 -152 11,836 11,804 32

2001................................ 1,050 194 1 855 1,221 -171 11,665 11,639 26

2002................................ 1,008 185 1 823 1,176 -167 11,498 11,465 33

2003................................ 960 176 1 784 1,178 -218 11,280 11,246 34

2004................................ 934 204 1 730 1,231 -297 10,983 10,949 34

2005 - Est................................ 840 156 1 683 1,576 -358 10,599 10,588 9

2003 - Oct................................ 19 16 * 2 96 -77 11,203 11,169 34

Nov ................................ 16 14 * 2 81 -65 11,138 11,106 32

Dec ................................ 379 17 * 362 91 288 11,425 11,394 31

2004 - Jan................................ 21 21 * * 111 -90 11,335 11,301 34

Feb................................ 14 14 * 1 114 -100 11,235 11,202 33

Mar................................ 30 29 * 1 129 -99 11,136 11,102 34

Apr................................ 17 15 * 1 105 -89 11,047 11,012 35

May ................................ 17 15 * 2 98 -81 10,966 10,938 28

June................................ 374 19 * 355 96 278 11,245 11,208 37

July ................................ 14 14 * * 96 -82 11,162 11,130 32

Aug ................................ 17 16 * 1 92 -75 11,087 11,053 34

Sept................................ 17 15 * 2 120 -104 10,983 10,949 34

Fiscal year 2004................................ 934 204 1 730 1,231 -297 10,983 10,949 34

* Less than $500,000.

 Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 

2005," released by the Office of Management and Budget Feb. 3, 2004. Details may not 

add to totals due to rounding.
126 TRUST FUNDS

TABLE TF-7.—Railroad Retirement Account

[In millions of dollars. Source: Financial Management Service]

Receipts Expenditures other

than investments

Fiscal year

or month

Total

(1)

Appropriations

(2)

Interest

and profits

on investments

(3)

Other

(4)

Total

(5)

Benefit

payments

(6)

2000................................................................ 9,655 4,337 1,161 4,157 8,384 2,977

2001................................................................ 10,229 4,272 2,347 3,610 8,569 3,039

2002................................................................ 10,095 4,177 1,935 3,983 10,325 3,397

2003................................................................ 9,195 3,954 764 4,478 28,214 3,575

2004................................................................ 9,850 4,026 -18 5,843 9,756 3,638

2005 - Est............................................................ 8,120 3,800 42 4,278 8,146 8,146

2003 - Oct............................................................ 810 366 2 442 739 298

Nov .......................................................... 635 331 4 300 1,000 298

Dec .......................................................... 620 314 3 303 893 297

2004 - Jan............................................................ 662 325 4 333 923 301

Feb........................................................... 418 415 3 * 751 301

Mar........................................................... 443 440 3 - 754 304

Apr........................................................... 501 301 3 197 750 301

May .......................................................... 351 348 3 - 750 303

June......................................................... 4,023 74 -25 3,974 932 306

July .......................................................... 612 375 -2 239 753 303

Aug .......................................................... 436 424 -13 26 753 301

Sept.......................................................... 339 312 -2 29 757 325

Fiscal year 2004.................................................... 9,850 4,026 -18 5,843 9,756 3,638

Expenditures other than investments, con. Assets, end of period

Fiscal year

or month

Administrative

expenses

(7)

Other

(8)

Net increase,

or decrease

(-), in assets

(9)

Total

(10)

Investments

(11)

Unexpended

balance

(12)

2000................................................................ 94 5,310 1,271 11,393 24,823 -13,430

2001................................................................ 91 5,438 1,660 13,053 26,865 -13,812

2002................................................................ 99 6,828 -230 12,823 25,260 -12,437

2003................................................................ 98 24,541 -19,019 -6,196 1,179 -7,375

2004................................................................ 101 6,017 95 -6,101 1,742 -7,843

2005 - Est............................................................ - - -25 -2,206 -2,206 -

2003 - Oct............................................................ 7 435 71 -6,126 2,620 -8,746

Nov .......................................................... 7 695 -365 -6,490 2,179 -8,669

Dec .......................................................... 9 587 -272 -6,763 1,938 -8,701

2004 - Jan............................................................ 10 611 -261 -7,023 1,637 -8,660

Feb........................................................... 8 442 -333 -7,356 1,309 -8,665

Mar........................................................... 10 440 -311 -7,668 1,239 -8,907

Apr........................................................... 8 441 -249 -7,917 1,311 -9,228

May .......................................................... 8 439 -399 -8,316 1,112 -9,428

June......................................................... 8 618 3,091 -5,225 1,193 -6,418

July .......................................................... 8 442 -142 -5,367 1,904 -7,271

Aug .......................................................... 8 444 -316 -5,683 1,808 -7,491

Sept.......................................................... 11 422 -418 -6,101 1,742 -7,843

Fiscal year 2004.................................................... 101 6,017 95 -6,101 1,742 -7,843

* Less than $500,000.

Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 

2005," released by the Office of Management and Budget Feb. 3, 2004. Details may not 

add to totals due to rounding.
TRUST FUNDS 127

TABLE TF-8.—Unemployment Trust Fund

[In millions of dollars. Source: Financial Management Service]

Receipts

Fiscal year

or month

Total

(1)

State

unemployment taxes

(2)

Federal

unemployment taxes

(3)

Advances from 

the general fund

(4)

Deposits by Railroad

Retirement Board

(5)

Interest and profits

on investments

(6)

2000................................................................ 33,259 20,701 6,871 397 68 5,222

2001................................................................ 33,993 20,824 6,937 432 51 5,749

2002................................................................ 33,788 20,911 6,613 718 95 5,450

2003................................................................ 38,403 26,703 6,520 1,265 144 3,772

2004................................................................ 43,678 32,734 6,589 1,552 130 2,673

2005 - Est............................................................ 47,735 38,125 6,989 594 103 1,923

2003 - Oct............................................................ 1,867 1,166 625 1 38 37

Nov .......................................................... 2,710 2,539 97 65 1 7

Dec .......................................................... 1,808 326 34 80 * 1,369

2004 - Jan............................................................ 1,129 738 356 11 14 11

Feb........................................................... 3,038 2,286 564 151 24 13

Mar........................................................... 840 630 46 118 * 46

Apr........................................................... 6,727 3,212 3,455 4 25 32

May .......................................................... 12,826 12,492 247 80 2 5

June......................................................... 2,287 1,089 39 138 * 1,020

July .......................................................... 2,938 2,462 461 3 6 6

Aug .......................................................... 5,916 5,193 644 49 16 14

Sept.......................................................... 1,590 600 20 853 5 112

Fiscal year 2004................................43,678 32,734 6,589 1,552 130 2,673

Expenditures other than investments

Fiscal year

or month

Total

(7)

State 

unemployment 

benefits

(8)

State

 administrative 

expenses

(9)

Repayment of

advances from

the general fund

(10)

Federal 

administrative 

expenses

(11)

Railroad 

administrative 

expenses

(12)

2000................................................................ 24,050 20,657 3,117 - 193 *

2001................................................................ 31,603 27,896 3,213 - 396 *

2002................................................................ 54,569 50,642 3,452 - 371 -

2003................................................................ 58,486 54,473 3,590 - 326 -

2004................................................................ 46,406 42,484 3,462 - 374 -

2005 - Est............................................................ 43,464 43,340 - - - -

2003 - Oct............................................................ 4,393 4,100 258 - 27 -

Nov .......................................................... 3,608 3,571 - - 29 -

Dec .......................................................... 5,115 4,577 515 - 13 -

2004 - Jan............................................................ 5,070 4,760 252 - 48 -

Feb........................................................... 4,410 4,095 270 - 37 -

Mar........................................................... 4,677 4,215 415 - 40 -

Apr........................................................... 3,703 3,295 371 - 29 -

May .......................................................... 3,187 2,959 200 - 24 -

June......................................................... 3,257 2,961 258 - 34 -

July .......................................................... 3,096 2,782 280 - 29 -

Aug .......................................................... 3,107 2,761 310 - 29 -

Sept.......................................................... 2,781 2,409 332 - 33 -

Fiscal year 2004.................................................... 46,406 42,484 3,462 - 374 -

See footnotes at end of table.
128 TRUST FUNDS

TABLE TF-8.—Unemployment Trust Fund, con.

[In millions of dollars. Source: Financial Management Service]

Expenditures other than investments, con.

Railroad unemployment insurance Assets, end of period

Fiscal year

or month

Benefit

payments

(13)

Administrative

expenses

(14)

Net increase,

or decrease

(-), in assets

(15)

Total

(16)

Investments

(17)

Unexpended

balance

(18)

2000................................................................ 78 3 9,209 98,108 86,399 11,709

2001................................................................ 93 4 2,390 100,498 88,638 11,860

2002................................................................ 99 5 -20,782 79,716 68,265 11,451

2003................................................................ 93 4 -20,083 59,634 48,188 11,446

2004................................................................ 83 3 -2,728 56,905 45,239 11,666

2005 - Est............................................................ 124 - 4,255 46,066 46,066 -

2003 - Oct............................................................ 8 * -2,526 57,108 44,908 12,200

Nov .......................................................... 7 * -898 56,210 44,742 11,468

Dec .......................................................... 10 * -3,307 52,903 41,519 11,384

2004 - Jan............................................................ 10 * -3,941 48,962 37,353 11,609

Feb........................................................... 8 * -1,373 47,589 36,105 11,484

Mar........................................................... 7 * -3,838 43,751 32,684 11,067

Apr........................................................... 7 * 3,024 46,776 31,373 15,403

May .......................................................... 4 * 9,639 56,415 44,811 11,604

June......................................................... 3 * -970 55,445 43,871 11,574

July .......................................................... 5 * -157 55,287 43,225 12,062

Aug .......................................................... 8 * 2,809 58,096 46,918 11,178

Sept.......................................................... 7 * -1,191 56,905 45,239 11,666

Fiscal year 2004.................................................... 83 3 -2,728 56,905 45,239 11,666

* Less than $500,000. 

Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 

2005," released by the Office of Management and Budget Feb. 3, 2004. Details may not 

add to totals due to rounding.
TRUST FUNDS 129

TABLE TF-9A.—Investments of Specified Trust Accounts in Public Debt Securities

by Issue, as of September 30, 2004

TABLE TF-9B.—Investments of Specified Trust Accounts in Public Debt Securities

by Issue, as of September 30, 2004

Tables TF-9A and TF-9B have been discontinued from the Treasury Bulletin publication. 

The information previously published in TF-9A can be obtained from the Public Debt Web Site located at: 

www.publicdebt.treas.gov//dfi/dfifibreports.htm: (1) Select “Investment Funds Summary Holding Reports,” (2) Select the 

appropriate “Report Date,” (3) Go to the page heading “1133 Marketable Securities Held by GAS Agencies As of 

XX/XX/200X” to view the information.

The information previously published in TF-9B can be obtained from the Monthly Statement of the Public Debt or on the 

Public Debt Web site located at: www.publicdebt.treas.gov/opd/opddload.htm: (1) In the first column of the table, go to

“Entire Monthly Statement of the Public Debt (MSPD),” (2) In the second column, click on “Adobe Acrobat PDF,” (3) In 

Table III, scroll down to the subheading “Nonmarketable ,” then scroll to “Government Account Series-Intragovernmental 

Holdings” to view the information.
130 TRUST FUNDS

TABLE TF-15A.—Highway Trust Fund

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT 

for fis cal year 2005.

The 24-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods beginning at the close of fiscal 

year 2005.

Highway Account

[In billions of dollars. Source: DOT]

Commitments (unobligated balances plus unpaid obligations, fiscal year 2005)........................................................................................ 76.29

less:

Cash balance (fiscal year 2005).................................................................................................................................................... 8.48

Unfunded authorizations (fiscal year 2005).......................................................................................................................................

67.81

24-month revenue estimate (fiscal years 2006 and 2007) ........................................................................................................................ 69.08

Mass Transit Account

[In billions of dollars. Source: DOT]

Commitments (unobligated balances plus unpaid obligations, fiscal year 2005).......................................................................................... 5.14

less:

Cash balance (fiscal year 2005).................................................................................................................................................... 7.53

Unfunded authorizations (fiscal year 2005).......................................................................................................................................

-2.39

24-month revenue estimate (fiscal years 2006 and 2007) .................................................................................................................... 10.34
TECHNICAL PAPERS 131

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990.

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990.

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees and Kimberly 

D. Zieschang. August 1990.

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham and John S. Greenlees. February 1991.

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991.

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992.

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992.

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992.

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993.

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham and John S. Greenlees. 

April 1993.

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham and John 

S. Greenlees. Revised April 1995.

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert

Gillingham and John S. Greenlees. November 1995.

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham and John S. Greenlees. January 1997.

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997.

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001.

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and

Christopher J. Soares. June 2001.

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003.

Copies may be obtained by writing to:

Ann Bailey, Department of the Treasury

1425 New York Ave., NW., Room 1000

Washington, DC 20220

Telephone (202) 622-1519, or fax (202) 622-1294
132

Glossary

With References to Applicable Sections and Tables

Source: Financial Management Service

Accrued discount (SBN-1, -2, -3)—Interest that accumulates 

on savings bonds from the date of purchase until the date of 

redemption or final maturity, whichever comes first. Series A, 

B, C, D, E, EE, F, I, and J are discount or accrual type

bonds—meaning principal and interest are paid when bonds 

are redeemed. Series G, H, HH, and K are current-income 

bonds, and the semiannual interest paid to their holders is not 

included in accrued discount.

Amounts outstanding and in circulation (USCC)—Includes

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included.

Average discount rate (PDO-2, -3)—In Treasury bill auctions,

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted,

average of all bids accepted in the auction.

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future.

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as

current or permanent. Permanent authority requires no

current action by Congress.

Budget deficit—The total, cumulative amount by which

budget outlays (spending) exceed budget receipts (income).

Cash management bills (PDO-2)—Marketable Treasury

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders.

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See

Noncompetitive tenders.)

Coupon issue—The issue of bonds or notes (public debt).

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes.

Current income bonds (“U.S. Savings Bonds and Notes”)—

Bonds paying semiannual interest to holders. Interest is not 

included in accrued discount.

Debt outstanding subject to limitation (FD -6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of September 2004, the 

debt limit was $7,384,000 million; the limit may change from 

year to year.

The debt subject to limitation includes most of

Treasury’s public debt except securities issued to the Federal 

Financing Bank, upon which there is a limitation of $15 

billion, and certain categories of older debt (totaling

approximately $595 million as of February 1991).

Discount—The interest deducted in advance when purchasing

notes or bonds. (See Accrued discount.)

Discount rate (PDO-2)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities.

Dollar coins (USCC)—Include standard silver and nonsilver 

coins.

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b).

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S.

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal

Reserve notes—amounts outstanding” consists of new series 
GLOSSARY 133

issues. The Federal Reserve note is the only class of currency 

currently issued.

Foreign (“Foreign Currency Positions,” IFS -2, -3)—

Locations other than those included under the definition of the 

United States. (See United States.)

Foreigner (“Capital Movements,” IFS -2)—All institutions 

and individuals living outside the United States, including 

U.S. citizens living abroad, and branches, subsidiaries, and 

other affiliates abroad of U.S. banks and business concerns; 

central governments, central banks, and other official

institutions of countries other than the United States; and 

international and regional organizations, wherever located.

Also refers to persons in the United States to the extent that 

they are known by reporting institutions to be acting for

foreigners.

Foreign official institutions (“Capital Movements”)—

Includes central governments of foreign countries, including 

all departments and agencies of national governments; central 

banks, exchange authorities, and all fiscal agents of foreign 

national governments that undertake activities similar to those 

of a treasury, central bank, or stabilization fund; diplomatic 

and consular establishments of foreign national governments; 

and any international or regional organization, including

subordinate and affiliate agencies, created by treaty or

convention between sovereign states.

Foreign public borrower (“Capital Movements”)—Includes

foreign official institutions, as defined above, the corporations 

and agencies of foreign central governments, including

development banks and institutions, and other agencies that 

are majority-owned by the central government or its

departments; and state provincial and local governments of 

foreign countries and their departments and agencies.

Foreign-targeted issue (PDO-1, -3)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions,

foreign central banks or monetary authorities, or to

international organizations in which the United States held 

membership. Sold as companion issues, they could be

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually.

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent).

Government account series (FD-2)—Certain trust fund

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by

Treasury to a specific Government agency, trust fund, or

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund.

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group.

International Monetary Fund (“Exchange Stabilization

Fund,” IFS-1)—(IMF) Established by the United Nations,

the IMF promotes international trade, stability of exchange, 

and monetary cooperation. Members are allowed to draw

from the fund.

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals.

Matured non-interest-bearing debt (SBN-1, -2, -3)—The 

value of outstanding savings bonds and notes that have

reached final maturity and no longer earn interest. Includes all 

Series A-D, F, G, I, J, and K bonds. Series E bonds (issued 

between May 1941 and November 1965), Series EE (issued 

since January 1980), Series H (issued from June 1952 through 

December 1979), and savings notes issued between May 1967 

and October 1970 have a final maturity of 30 years. Series HH 

bonds (issued since January 1980) mature after 20 years.

Noncompetitive tenders (“Treasury Financing Operations”)—Offers by an investor to purchase Treasury

securities at the price equivalent to the weighted average

discount rate or yield of accepted competitive tenders in a 

Treasury auction. Noncompetitive tenders are always accepted 

in full.

Obligations (“Federal Fiscal Operations”)—An unpaid

commitment to acquire goods or services.

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget.

Outlays (“Federal Fiscal Operations”)—Payments on

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons.

Own foreign offices (“Capital Movements”)—Refers to

U.S. reporting institutions’ parent organizations, branches

and/or majority-owned subsidiaries located outside the United 

States.

Par value—The face value of bonds or notes, including

interest.

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several
134 GLOSSARY

“coupon” security issues on the 15th of February, May,

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.)

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees.

Reopening (PDO-3, -4)—The offer for sale of additional

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue.

Special drawing rights (“Exchange Stabilization Fund,” 

IFS-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.)

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs.

SDR certificates are issued to the Federal Reserve

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York.

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays.

State and local government series (FD -2)—(SLUGs) 

Special nonmarketable certificates, notes, and bonds offered 

to State and local governments as a means to invest proceeds 

from their own tax-exempt financing. Interest rates and

maturities comply with IRS arbitrage provisions. SLUGs are 

offered in both time deposit and demand deposit forms. Time 

deposit certificates have maturities of up to 1 year. Notes 

mature in 1 to 10 years and bonds mature in more than 10 

years. Demand deposit securities are 1-day certificates rolled 

over with a rate adjustment daily.

Statutory debt limit (FD -6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached,

Treasury may not sell new debt issues until Congress

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.)

STRIPS (PDO-1, -3)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate.

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount.

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group.

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions.

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).